Mahindra Logistics Reports Rs 8.30 Crore Net Loss in Q1FY24

25 Jul 2023 , 10:28 AM

Mahindra Logistics reports a net loss of Rs 8.30 crore in Q1FY24, contrasting with a net profit of Rs 13.64 crore in Q1FY23. Revenue from operations increased by 7.78 % YoY to Rs 1,293.22 crore in Q1FY24 from Rs 1,199.90 crore in the corresponding period last year.

Total expenses rise by 9.69 % YoY, reaching Rs 1,298.83 crore. The supply chain management (SCM) segment, contributing over 90 % of revenue, records a modest 6.24 % YoY growth, generating Rs 1,213.76 crore in Q1FY24 compared to Rs 1,142.74 crore in Q1FY22.

SCM segmental profit faces a significant decline of 97 % YoY, dropping to Rs 2.23 crore in Q1FY24 from Rs 74.97 crore in the same period last year.

Mahindra Logistics Ltd is a provider of integrated logistics and mobility solutions, catering to diverse industry verticals, including Automotive, Engineering, Consumer Goods, Pharmaceuticals, Telecommunications, Commodities, and E-commerce.

On July 24, the company’s scrip settled at Rs 389.50 apiece on the BSE, experiencing a 4.77 % decrease compared to the previous day’s close.

Despite the challenging quarter, Mahindra Logistics remains committed to delivering top-notch logistics and mobility solutions while striving to regain profitability in the upcoming quarters. The company continues to serve various industries, aiming to drive efficiency and innovation in the logistics space.

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