Mahindra Logistics Q1 Profit Soars 4-Fold On Higher Revenue

Mahindra Logistics has reported an over four-fold increase in consolidated profit after tax to Rs 13.64 crore for the first quarter ended June 30 on the back of higher revenue.

The company had posted a consolidated net profit of Rs 3.04 crore in the corresponding period last fiscal, Mahindra Logistics (MLL) said in a statement.

Its consolidated revenue from operations during the quarter under review grew 35.85 per cent to Rs 1,199.9 crore from Rs 883.2 crore in the year-ago period.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) stood at Rs 69 crore in the quarter compared to Rs 43 crore in the corresponding quarter of previous year.

Steady volume growth in consumer, discrete manufacturing and e-commerce contributed to 36 per cent year-on-year growth in supply chain segment revenue in the June quarter, the company said.

The warehousing services and solutions revenue grew 57 per cent in the reporting quarter over the period year-ago, it stated.

"The strong growth continued in the quarter gone by, despite the uncertain external environment. Demand growth in the farm and auto segment, combined with continuing growth in other markets has been strong,” said Rampraveen Swaminathan, Managing Director at Mahindra and Chief executive Officer at Mahindra Logistics.

He said the "company remained focused on driving cost management, accelerating digital transformation, enhancing human capital and executing its strategic platforms for profitable growth." MLL's total expenses in Q1FY23 quarter were higher at Rs 1,184.02 crore compared to Rs 879.17 crore a year ago, according to the company.

During the quarter, the supply chain management vertical clocked a revenue of Rs 1,142.74 crore against Rs 840.07 crore in the year-ago period, while the enterprise mobility services segment garnered revenue of Rs 57.16 crore compared to Rs 43.13 crore in the year-ago quarter. 

Source: PTI