Mahindra Logistics Q2 net loss down to Rs 10.7 crore
For H1FY2025, Mahindra Logistics revenue increased 11% to Rs 2,941 crore and loss was down to Rs 20.1 crore.
Mahindra Logistics reported a net loss of Rs 10.7 crore for the second quarter ended September 30, 2024 compared to Rs 15.9 crore in the same period last year.
Consolidated revenue increased 11 percent to Rs 1,521 crore, says an official release.
The company continued the focus on expanding capacity and making investments in the Eastern and North Eastern region, focussing on warehouses, delivery stations and express logistics, the release added. "We expect these investments to be accretive to our growth across businesses in the later part of the year."
Warehouse space under management in the 3PL business stood at over 21.6 million square feet at the end of Q2FY2025. Mahindra Logistics delivers 11 crore packages per month across 1,100 locations in India with 28,000+ employees.
Contract logistics revenue increased seven percent to Rs 1,163 crore and B2B Express revenue was up five percent at Rs 92 crore.
"Our 3PL contract logistics, cross-border and last-mile delivery segments registered strong growth driven by account additions, new offerings and a stable cross border pricing environment," says Rampraveen Swaminathan, Managing Director and CEO, Mahindra Logistics. "During the quarter, we expanded our offerings for transportation & green logistics. We continue to expand the overall network, with new infrastructure expansions in the east to support warehousing, last mile and express segments, which should help drive future growth.
“With the upcoming peak in Q3, we have expanded capacity and resources in contract logistics and last mile delivery, having a seasonal impact on operating earnings in the quarter. A soft demand environment and operating conditions impacted the express business. We believe H2 will be stronger driven by the festive peak and impact of margin improvement programmes across all the businesses.”
For the first half of fiscal 2025, Mahindra Logistics's revenue increased 11 percent to Rs 2,941 crore and loss was down to Rs 20.1 crore compared to Rs 24.5 crore in H12024.