Mahindra Logistics Q1 FY22 revenue surges by 113% to Rs 873cr

Mahindra Logistics Ltd. (MLL) has reported a surge of 113% in its revenue for the first quarter of the fiscal year 2022 (Q1 FY22) at INR 873 crores, compared to INR 410 crores in the same quarter of the previous fiscal year.

The Indian third-party logistics solutions provider said that it could achieve revenue growth in spite of the disruptions caused by the second wave of Covid-19.

The EBITDA of Mahindra Logistics for the reported quarter was INR 47 crores, in comparison to INR 1 crore in Q1 FY21.

Its profit after tax was INR 9 crores compared to a loss of INR 17 crores in the first quarter of the fiscal year 2021.

The diluted earnings per share (EPS) of Mahindra Logistics in Q1 FY22 was INR 1.26, in comparison to INR – 2.21 in Q1 FY 21.

According to the third-party logistics solutions provider, the revenue of its supply chain segment grew 114% year over year (YoY) in the reported quarter, which was driven by increased business volumes in all end markets.

On the other hand, the company’s revenue from warehousing services and solutions moved up by 30% YoY owing to a continued focus on a solutions-led approach to customers’ needs.

Rampraveen Swaminathan — Managing Director and CEO of Mahindra Logistics said: “The regional lockdowns, high commodity costs and fuel prices impacted demand across the end markets. Our strong focus on customer retention, new account acquisition and cost reduction helped us offset these challenges.

“Implementation of our strategic initiatives continued through the quarter and we anticipate a strong uptick in the economic activity in rest of the year.”