Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, today announced its unaudited consolidated financial results for the quarter ended on June 30, 2023.
- Q1 FY24 Consolidated performance compared with Q1 FY23
- Revenue Rs. 1,293 crores as compared to Rs. 1,200 crores
- EBITDA Rs. 73 crores as compared to Rs. 69 crores
- PBT Rs. 0.6 crores as compared to Rs. 19 crores
- PAT loss Rs 9 crores compared to a profit of Rs. 13 crores
- EPS (Diluted) Rs. (1.19) as compared to Rs. 1.87
Q1 FY24 Standalone performance compared with Q1 FY23
- Revenue Rs. 1,051 crores as compared to Rs. 1,069 crores
- EBITDA Rs. 87 crores as compared to Rs. 66 crores
- PBT Rs. 31 crores as compared to Rs. 19 crores
- PAT Rs. 23 crores as compared to Rs 14 crores.
- EPS (Diluted) Rs.3.18 as compared to Rs 1.95
Financial Results of MLL and its subsidiaries have been restated as required for the effect of acquisitions and corporate restructuring, undertaken during the quarter.
Key Highlights
- Continuing growth and consolidation across the supply chain businesses, with growth in some markets offsetting headwinds
- 3PL Supply Chain services are growing 6% YoY driven by growth in automotive and engineering, consumer and durables. Diversified revenue portfolio across segments offset muted growth in Ecommerce
- Freight Forwarding business revenues continued to see pressure due to pricing corrections. Our focus on growth with new accounts and select offerings helped drive sequential revenue growth in the business
- The Mobility business continues to see an uptick with 39% year-on-year growth driven by client acquisition and increasing
- Continued focus on margin improvement resulted in earnings growth across businesses other than the express business
- During the quarter, we continued to focus on integrating the acquisition of the Rivigo PTL business acquisition. Year on year volume growth in express was 82%, attributable to the acquisition impact. Delays in transitions, changes in network design, consolidation of facilities and one-time costs had an unfavorable impact on margins
- Warehouse space under management stood at 19 Million Sq. ft. including all service lines. Current expansions in Chakan, Kolkata, Nasik and Guwahati are on track
Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of 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 2×2 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.”
