Mahindra Logistics Q3 net loss at Rs 17cr
For the first nine months of the current financial year, MLL reported a net loss of Rs 41.2 crore
Mahindra Logistics (MLL), one of India’s integrated logistics & mobility solutions providers reported a consolidated net loss of Rs 17.1 crore for the third quarter ended December 31, 2023 compared to a net profit of Rs 1.1 crore in Q3FY2023.
Consolidated revenue increased five percent to Rs 1,397 crore, says an official release.
For the first nine months of the current financial year (FY2024), MLL reported a net loss of Rs 41.2 crore compared to a profit of Rs 25.7 crore during the same period last year. Revenue increased five percent to Rs 4,055 crore.
“Q3FY2023-24 was a period of moderate demand," says Rampraveen Swaminathan, Managing Director and CEO, Mahindra Logistics. "Continuing growth in engineering and FMCG segments were offset by slow growth in other markets. The festive season was marked by volume growth but was offset by lower volumes due to capacity consolidation and increased shut downs, especially in e-commerce and some automotive OEM customers.
"During the quarter, the 3PL supply chain business demonstrated stable growth. The freight forwarding business continued to demonstrate sequential growth, despite global headwinds. We continued to make progress in the B2B express business with growth in volume and enhancements in service levels.
"Our multi-client warehousing expansion remains on track with new expansion announcements of 1.1 million square feet. We are optimistic of strong growth, driven by order intake across our businesses and continued improvement of the express business and integration of the Rivigo acquisition in coming quarters."
Q3 highlights
*Warehouse space under management stood at 20 mn sq. ft. in the 3PL business. Current expansions in Chakan, Kolkata, Nasik, and Guwahati are on track.
*Completed the second tranche of share purchase in Whizzard/Zip Zap Logistics (a last mile delivery company) in December 2023. MLL now owns 60 percent stake in the company. The acquisition will complement MLL’s existing last mile delivery business and will help drive deeper penetration.
