Latest News | Mahindra Logistics Posts 67 Pc Jump in Standalone Profit

Mumbai, Apr 21 (PTI) Mahindra Logistics on Monday reported 67 per cent year-on-year jump in standalone profit after tax (PAT) to Rs 13.12 crore in three months to March over the same period last year.

The standalone PAT for the March quarter of 2023-24 was recorded at Rs 7.86 crore, Mahindra Logistics Ltd said in a statement.

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Standalone revenue for the quarter under review stood at Rs 1,293 crore as compared to Rs 1,183 crore in the March quarter of FY 24.

For the full fiscal 2024-25, standalone PAT declined 30 per cent to Rs 43.50 crore from Rs 61.98 crore in FY24 while revenue for the April-March period of last fiscal stood at Rs 5,013 crore from Rs 4,530 crore, a growth of 10 per cent year-on-year, in the same period year-ago, the company said.

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"During the quarter, we saw a positive trend of revenue growth, with YoY growth of 8 per cent driven by growth in 3PL logistics contract logistics and Express. For the full year, revenue grew by 11 per cent driven by account additions, new offerings and new launches," said Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd.

The B2B express business demonstrated volume recovery in the quarter, combined with cost management. Cross-border continues to see volatility in pricing, he said.

Freight Forwarding business revenue grew 21 per cent YoY, supported by favorable freight rates in H1 and strong demand in the pharma sector and new client acquisitions, MLL said.

It also said that the warehousing and integrated solutions business grew by 15 per cent YoY. The warehouse space under management stood at 20.8 million square feet. And added that the current expansion in Pune, Kolkata, Phaltan and Agartala remains on track.

The company said it continued the focus on expanding capacity and making investments in the eastern and North-eastern region, focusing on warehouses, delivery stations and express logistics.

"We are on track with new warehousing additions in Maharashtra, West Bengal, Guwahati and Tripura. We remain focused on expanding margins through share of solutions, cost management, and turnaround of the express business," Swaminathan added.

The company said the 11 per cent year-on-year revenue growth was driven by strong performance in 3PL, last mile delivery (LMD), and cross border services, adding that the losses for express business were reduced by 21 per cent and EBITDA margin improved by 801 bps through effective cost optimization measures.

Earlier in the day, the Mahindra & Mahindra Group announced the appointment of Hemant Sikka, President of the Farm Equipment Sector at M&M Ltd as the managing Director and CEO of Mahindra Logistics in place of Swaminathan.

Ram Swaminathan, the company in a statement said, has decided to step down to pursue other professional interests.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)