Mahindra Logistics reports consolidated net loss of Rs 16 crore in Q2FY24
The company's reported consolidated revenues during Q2 FY24 stood at Rs 1,365 crore as compared to Rs 1,326 crore in Q2FY23.
Mahindra Logistics, an integrated logistics and mobility solutions provider, reported a consolidated net loss of Rs 16 crore for the quarter ending September 30, 2023 (Q2FY24). amidst headwinds in the e-commerce segment. The company reported Rs 11 crore in net profit in Q2 FY23. On the other hand, the company's reported consolidated revenues during Q2 FY24 stood at Rs 1,365 crore as compared to Rs 1,326 crore in Q2FY23.
However, Mahindra Logistics' mobility business continues to see an uptick on account of growth in existing customers and the acquisition of new clients, registering 133% year-on-year growth and now being net profitable.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd., said, "The overall logistics industry is well poised, driven by a long-term focus on infrastructure, manufacturing, consumption growth, and a positive regulatory trajectory. Overall, new order intake remained robust across our business segments, and we continued to consolidate our business operations in Q2 2024."
As per him, Mahindra Logistics' organic growth in 3PL remained positive, driven by its end-market diversification programmes, despite headwinds in the e-commerce segment. Furthermore, the margin improvements in the 3PL, last-mile delivery, and mobility businesses remained on track, driven by operating cost reduction and product mix improvements.
"We have implemented appropriate actions to strengthen the network, customer service, and volume enhancements in MLL Express and cross-border logistics businesses. With the upcoming festive season, we hope to see a positive demand uptick, and we remain focused on accelerating margins driven by synergies in the network business and other cost reduction programs" Swaminathan added.
Meanwhile, the company, in a separate regulatory filing, informed of the resignation of Ruchie Khanna, the company secretary and compliance officer of the company, with effect from the close of November 30, 2023, on account of her transfer within the Mahindra Group.
Jignesh Parikh will replace her, effective December 1, 2023.
As per the company, Parikh is a graduate in commerce and holds a law degree from Government Law College, Mumbai University. He is an Associate Member of Institute of Company Secretaries of India with over 17 years of expertise in Secretarial and allied corporate laws. He joined Mahindra & Mahindra Limited in June 2015, leads the Centre of Excellence initiatives, and oversees secretarial compliances for M&M Group's auto and Susten sectors.
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