Mahindra Logistics reports revenue increase in Q1 FY24, focuses on expanding margins

Mahindra Logistics Ltd. (MLL), a premier logistics and mobility solutions provider in India, has released its unaudited consolidated financial results for Q1 FY24, ending on June 30, 2023. The company reported a revenue of Rs. 1,293 crores, a slight increase from Rs. 1,200 crores in Q1 FY23.

The EBITDA stands at Rs. 73 crores, compared to Rs. 69 crores in the corresponding quarter of the previous year. However, the company reported a PAT loss of Rs. 9 crores and a diluted EPS of Rs. (1.19), a fall from a profit of Rs. 13 crores and an EPS of Rs. 1.87 in Q1 FY23.

In terms of standalone performance for Q1 FY24, the revenue was reported at Rs. 1,051 crores, while EBITDA was Rs. 87 crores. The profit before tax was Rs. 31 crores, with a profit after tax of Rs. 23 crores and an EPS of Rs. 3.18.

Despite these results, Mahindra Logistics demonstrated consistent growth and consolidation across its supply chain businesses, with growth in some markets compensating for headwinds in others.

A 6% YoY growth in 3PL Supply Chain services was driven by the automotive, engineering, consumer and durables sectors. Despite pricing corrections causing pressure on freight forwarding business revenues, new accounts and selected offerings contributed to sequential revenue growth.

In the words of Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, “In Q1 FY24, we continued focusing on customer growth and expanding margins across integrated logistics & mobility solutions. Despite the slowdown in some end markets, the 3PL, Mobility and Last Mile businesses demonstrated positive traction on order intake and account expansion.”