Mahindra Logistics reports ₹9 crore loss in Q3FY25
For nine months of FY2025, the loss was at ₹29 crore compared to ₹42 crore in the previous financial year.
Mahindra Logistics (MLL) reported ₹9 crore loss in Q3 FY2025 compared to ₹17 crore last year, a drop of 48 percent YoY in its unaudited consolidated financial results for the quarter ended 31st December 2024.
Meanwhile, revenue was up by 14 percent YoY at ₹1,594 crore for Q3 compared to ₹1,397 crore last year.
For nine months of FY2025, loss was at ₹29 crore compared to ₹42 crore and revenue was at ₹4,535 crore as compared to ₹4,055 crore last year.
The company reported that the 3PL supply chain business experienced a 14 percent YoY growth driven by demand in automotive, consumer and durables. Network services grew by 23 percent on a YoY basis driven by growth in freight forwarding and last-mile delivery. The revenues for the freight forwarding business grew by 19 percent on a YoY basis on the back of improved volumes in exports.
“Ocean freight rates for import & export continued to soften,” the release reads.
Warehouse space under management in the 3PL business stood at over 22 million square feet. With an addition of 0.7 million square feet in Q3FY25. Warehousing and solutions revenue grew by 14 percent on YoY basis.
Mahindra Logistics also reported that the losses for the express business were reduced by 26 percent on YoY basis, driven by continuous cost optimization. The EBITDA losses were also reduced by 40 percent on YoY basis. Growth in volumes continues to be a key priority for the business as it progresses towards an EBITDA breakeven.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, “During the quarter, we saw robust revenue growth of 14 percent. Our 3PL contract logistics and outbound logistics business registered strong growth driven by account additions, new offerings and new launches. The cross-border and last-mile business segments continued to demonstrate volume growth, despite sectoral pricing headwinds. During the quarter, we expanded our offerings for transportation & green logistics. We are on track with new warehousing additions in western and eastern India. We remain focused on expanding margins through better cost management, and turnaround of the express business.”
