Mahindra Logistics Q2 & H1 FY24 results: Key financial highlights revealed

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Mahindra Logistics Ltd, a premier integrated third-party logistics (3PL) service provider from India, has unveiled its audited consolidated financial results for the quarter ending September 30, 2023. Key insights reveal a mix of growth, offset by certain challenges in the sector.

Standalone Financial Performance: Q2 & H1 FY24

In its Q2 FY24 standalone results, Mahindra Logistics posted:

  • A revenue of Rs. 1,136 crores, compared to Rs. 1,195 crores in Q2 FY23.
  • EBITDA at Rs. 74 crores, rising from Rs. 64 crores.
  • PBT recorded at Rs. 26 crores, up from Rs. 15 crores.
  • PAT growing to Rs. 19 crores, a boost from the Rs. 11 crores in the previous year.
  • An EPS (Diluted) of Rs.2.59, an increase from Rs. 1.56.
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For H1 FY24, the firm revealed:

  • Revenues at Rs. 2,187 crores against Rs. 2,264 crores in H1 FY23.
  • EBITDA reaching Rs. 157 crores, up from Rs. 128 crores.
  • PBT rising to Rs. 57 crores, compared to Rs. 34 crores.
  • A PAT of Rs. 42 crores, growing from Rs. 25 crores.
  • Diluted EPS at Rs.5.78, a growth from Rs. 3.51.

Consolidated Financial Figures: Q2 & H1 FY24

For Q2 FY24’s consolidated metrics, Mahindra Logistics highlighted:

  • Revenue amounting to Rs. 1,365 crores, a growth from Rs. 1,326 crores in Q2FY23.
  • EBITDA at Rs. 54 crores, down from Rs. 68 crores.
  • A PBT loss of Rs. (8 crores), compared to a profit of Rs. 17 crores previously.
  • PAT recording a loss of Rs. 16 crores, contrasting with a profit of Rs. 11 crores in Q2FY23.
  • EPS (Diluted) at Rs. (2.21), against Rs. 1.69 in the prior year.
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In H1 FY24 consolidated figures, the company reported:

  • Revenue of Rs. 2,658 crores, up from Rs. 2,526 crores in H1FY23.
  • EBITDA standing at Rs. 120 crores, dropping from Rs.133 crores.
  • A PBT loss of Rs. (8 crores), contrasting with Rs. 36 crores profit in the previous year.
  • PAT depicting a loss of Rs. 24 crores, against a profit of Rs. 25 crores in H1FY23.
  • Diluted EPS at Rs. (3.40), down from Rs. 3.57.

Mahindra Logistics Business Highlights & CEO Insights

The report emphasized continuous growth across the supply chain segments, with select markets countering challenges. There’s a noted 4% YoY growth in 3PL Supply Chain services, buoyed by automotive, engineering, and consumer sectors. However, there were challenges in E-commerce volumes, though activity surged towards Q3.

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Mahindra Logistics’ CEO, Rampraveen Swaminathan, remarked, “The overall logistics industry is well poised driven by long term focus on infrastructure, manufacturing, consumption growth, and positive regulatory trajectory. We continued to consolidate our business operations in Q2, 2024. Despite challenges in the E-commerce sector, our organic growth in 3PL remained positive. We remain focused on accelerating margins driven by synergies in the network business and other cost reduction programs.”

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