Mahindra Logistics posts Rs 17 crore loss for Apr-Jun quarter

August 1, 2020: Mahindra Logistics registered a consolidated loss of Rs 17 crore for the quarter ended on June 30, 2020, compared to a consolidated profit after tax of Rs 19 crore during the first quarter of the previous fiscal.

The company y’s revenue fell 54.39 percent in the quarter to Rs 410 crore as against Rs 899 crore in the year-ago period impacted by lockdowns and disruptions across the country.

Despite the current scenario, warehouse space under management increased by 0.25 million square feet. The company has ensured effective working capital and cash flow management resulting in positive free cash generation in June quarter.

"Economic activity has started improving and Mahindra Logistics is well-positioned to drive recovery in the coming quarters, he said adding that it has grown customer relationships in e-commerce, FMCG & Pharma, and continue to strengthen the focus on delivering solutions, driving operations excellence and leveraging technology," said the release.

Rampraveen Swaminathan, CEO and MD, Mahindra Logistics, said, “In these challenging conditions, the company has delivered a resilient performance with strong customer retention, cost reduction and improved cash flows.”

"We witnessed sequentially improving May & June, while the demand remains below pre-Covid-19 levels in most end markets. Our employees' health & safety has been our top priority, and we launched programs for safe return to work, skilling and wellness. We have partnered closely with our customers in providing essential services," he said.

V. S. Parthasarathy, chairman of the Board, speaks at Mahinda Logistics' 13th AGM