Latest News | Mahindra Logistics Q3 PAT Remains Flat at Rs 1 Crore
Get latest articles and stories on Latest News at LatestLY. Mahindra Logistics Ltd (MLL) on Wednesday said its profit after tax was flat at Rs 1 crore in the December quarter.
Mumbai, Feb 1 (PTI) Mahindra Logistics Ltd (MLL) on Wednesday said its profit after tax was flat at Rs 1 crore in the December quarter.
The company's Profit After Tax (PAT) was Rs 12 crore without the impact of its Rivigo acquisition, according to a statement.
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In September last year, it had announced the acquisition of the B2B express business of Rivigo. The deal was completed in November 2022.
However, the revenue grew a 17 per cent at Rs 1,330 crore during the quarter under review from Rs 1,136 in the year-ago period, the company said.
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FY22 figures have been restated post acquisition of Meru companies in the first quarter of FY23, it noted.
The company termed the third quarter as a "strong" quarter of consolidation and growth and added that supply chain services during the October-December period of FY23 grew by 18 per cent year-on-year led by 3PL Supply Chain services, which logged 24 growth year-on-year, the company said.
"In Q3 F23, we consolidated our performance across an integrated logistics portfolio. Growth was driven for services and solutions by automotive and manufacturing segments continued their growth trajectory, while the consumer and e-commerce businesses did witness a softer demand environment," Rampraveen Swaminathan, Managing Director and CEO at Mahindra Logistics Ltd, said.
Freight Forwarding faced significant headwinds with rates dropping significantly in the near past, he said, adding that the company's 3PL business continues to have traction in margin improvement and cost optimisation.
(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)