In the fourth quarter, the company has recognised an aggregate impairment loss of Rs2.75cr (March 31, 2020: Rs. Nil) on its investment in joint venture considering the performance of the joint venture company, Transtech Logistics Pvt Ltd.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, "We delivered continuing growth in Q4, FY20-21, driven by market recovery and execution of our strategy of providing customized, integrated solutions to our customers. Our revenue growth was driven by E-commerce, Consumer, Automotive and Freight Forwarding businesses. Strong momentum in Supply Chain has offset the continuing softness in the Enterprise Mobility segment, which remains impacted by the Covid-19 pandemic. We continue to expand and grow our service lines. During the quarter, ‘Edel’, our 100% electric-powered vehicles solution, commenced operations in the last-mile delivery services."
Swaminathan added, "We are again witnessing a significant increase in the spread of the Covid-19 pandemic. In this challenging environment, we are focused on the safety & health of our employees and partners. We are also partnering with local authorities and supporting Covid-19 relief activities across multiple regions.”
For FY21, the company's net profit was at Rs29cr compared to Rs55cr of the previous fiscal. Revenue stood at Rs3,264cr as compared to Rs3,471cr last year.
At around 12.23 pm, Mahindra Logistics is trading at Rs546.40 per piece down by Rs5.70 or 1.03% on Sensex.