Mahindra Logistics reports consolidated net loss of ₹54 crore in FY24

Mahindra Logistics (MLL) announced its audited consolidated financial results for the quarter and year ended on March 31st, 2024 with FY24 revenue at ₹5,506 crore as compared to ₹5128 crore in FY23.

The integrated logistics company reported a consolidated loss of ₹54.7 crore in FY24 compared to a profit of ₹26.3 crore in FY23.

Meanwhile, for Q4, the company with 20 million+ sq ft warehousing space and reach to 19,000+ pin codes, reported consolidated revenue of ₹1,451 crores as compared to ₹1,273 crore last year and loss of 12.9 crore compared to ₹0.8 crore.

In Q4, Mahindra Logistics launched its first Community Centers of Excellence (CCoE) in Bhiwandi to address the shortage of skilled workers in the logistics sector. In February 2024, Mahindra Logistics also commenced operations of a 1.1 lakh sq. ft. fulfilment centre in Malda, West Bengal, dedicated to handling fulfilment and last-mile deliveries.

Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. said, “The quarter gone by was marked by an increasing volume recovery and growth as we saw positive momentum across our businesses, with strong growth in 3PL and Mobility segments. Our B2B express business has started seeing the benefits of cost optimization, as we continued to improve operating margins & EBITDA. The mobility segment remains on a recovery path. Overall In FY 2023-24, excluding one-time charges, earnings across our core 3PL and other businesses were stable and improving. Completion of the 2nd tranche of investment in Zip Zap Logistics will help us further consolidate and provide an expanded range of services form last mile delivery and micro-fulfilment. We remain focused on driving the value of logistics solutions by integrating services across India, leveraging our technology, process and human capital.”