Mahindra Logistics has reported a consolidated net loss of ₹9 crore for April-June 2023-24. It had posted ₹13 crore net profit in the corresponding period of FY23.

When comparing Q1 FY24 consolidated performance to Q1 FY23, overall income climbed to 1,293 crores from 1,200 crores the previous quarter. EBITDA has increased to 73 crores from 69 crores. PBT was 0.6 crore compared to 19 crore. PAT loss of 9 crores compared to profit of 13 crores.

Commenting on the performance, Rampraveen Swaminathan, Managing Director and CEO, Mahindra Logistics Ltd. said, “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."

"Our continued focus on margin improvement resulted in positive traction in 2x2 Logistics, MLL Mobility and ZipZap Logistics. We implemented our integration program for the PTL business acquired from Rivigo. We remain optimistic of positive demand uptick in coming quarters and remain focused on consolidating and leveraging our portfolio," Swaminathan added.

On comparing Q1 FY24 standalone performance with Q1 FY23, the revenue was ₹1,051 crores versus ₹1,069 crores, EBITDA was ₹87 crores versus ₹66 crores, PBT was ₹31 crores versus ₹19 crores, PAT was ₹23 crores versus ₹14 crores, and EPS (Diluted) was ₹3.18 versus ₹1.95.

"The Mobility business is on the rise, with 39% year-on-year growth driven by client acquisition and expansion. Earnings increase in companies other than express arose from the company's continued focus on margin improvement. We continued to work on integrating the Rivigo PTL business acquisition during the quarter," said the official release.

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