Mahindra Logistics Q2 consolidated profit up 31% to Rs 15 crore

Mahindra Logistics on Friday reported a 31.41 per cent jump in its consolidated profit to Rs 14.85 crore for the quarter ended September.

The logistics arm of the Mahindra Group had clocked a consolidated profit after tax of Rs 11.30 crore during the second quarter of the previous fiscal, the company said in a BSE filing.

Its total income fell to Rs 840.76 crore during the quarter under review as against Rs 854.27 crore in the year-ago period, it said.

Its total expenses declined to Rs 820.52 crore during the July-September quarter of the fiscal as against Rs 836.50 crore in the year-ago period.

"We have seen a strong rebound in our supply chain operations during the quarter. Our fulfilment logistics solutions & services continued to witness strong growth driven by e-commerce, pharma and FMCG verticals. We also continued to see strong growth from the Farm segment during the quarter.

"While we are not yet completely back to normalcy since the advent of COVID-19 pandemic, our focus on select industry verticals, our deep partner network and our ability to fulfil customer requirements efficiently, has enabled year-on-year growth in our supply chain business," Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said.

During the quarter, the company launched two new built-to-suit warehouses aggregating 0.8 million square feet and continued to see strong demand for value-added services & solutions, he said.

"The business environment is steadily improving. With improving auto demand, combined with growth in our e-commerce, consumer and freight forwarding business, we remain positive that the execution of our strategy will continue to provide strong momentum, he added.