Mahindra Logistics net profit falls 59 pc to Rs 10 crore

Mahindra Logistics Ltd (MLL) on Wednesday said its net profit declined 59 per cent to Rs 10 crore in the quarter ended March 31.

The logistics firm had reported a net profit of Rs 24 crore in the corresponding quarter a year ago, it said in a statement.

The company said its revenue fell 20 per cent to Rs 812 crore as against Rs 1,015 crore in the corresponding quarter a year ago.

Rampraveen Swaminathan, managing director and CEO of Mahindra Logistics, said: "The fourth quarter of 2019-20 was a challenging period, with continued softness in the auto sector and the onset of the COVID-19 pandemic. The nationwide shutdown of industries, facilities and movement of goods has had an impact on logistics, transportation and mobility."
He added that the company's priority has been the safety of customers, employees and vendors, and strict adherence to government norms. "We have initiated several practices including work from home, social distancing, sanitisation and digital communication. We have also launched programmes to support our ecosystem through measures such as driver helpline, emergency cab services and other relief programmes."