Mahindra Logistics June-quarter consolidated net profit at Rs 9 crore

Mahindra Logistics Ltd on Tuesday reported a consolidated net profit of Rs 9.35 crore for the quarter ended June 30, 2021.

The company had posted a consolidated net loss after taxes, non-controlling interests and share of loss of joint venture of Rs 15.81 crore in the year-ago period, Mahindra Logistics Ltd (MLL) said in a filing to BSE.

The consolidated total income of the company during April-June quarter increased to Rs 875.28 crore over Rs 413.27 crore in the year-ago period.

"We delivered a strong performance despite the challenging external environment due to the rapid spread of Wave 2 of the Covid 19 pandemic. The regional lockdowns, high commodity costs and fuel prices impacted demand across the end markets.

"Our strong focus on customer retention, new account acquisition and cost reduction helped us offset these challenges," Rampraveen Swaminathan, managing director and CEO of Mahindra Logistics, said.

Implementation of strategic initiatives continued through the quarter and the firm anticipates a strong uptick in economic activity in rest of the year, he added.

"We have launched several initiatives to improve our preparedness for the future with employee assistance programs and vaccination campaigns. As part of the relief program, the company supported the 'Mahindra Oxygen on Wheels'," Swaminathan said.

The company said the first quarter of FY'21 had witnessed extreme disruptions due to lockdowns imposed to contain the spread of COVID-19 and hence to that extent the previous year's numbers factor that impact.

Mahindra Logistics is an integrated third-party logistics (3PL) service provider specialising in supply chain management and enterprise mobility (people transport solutions).