Mahindra Logistics reports loss of Rs 12 cr in Q4

The logistics solution provider reported a consolidated net loss of Rs 11.91 crore in Q4 FY24 as against a net profit of Rs 0.20 crore posted in Q4 FY23.

Revenue from operations stood at Rs 1,450.76 crore in Q4 FY24, up 14.01% from Rs 1,272.51 crore recorded in Q3 FY23.

EBITDA slipped 11.9% to Rs 56.3 crore during the quarter as against Rs 64.3 crore posted in Q4 FY23. EBITDA margin reduced to 3.9% in March 2024 quarter as compared to 5.1% registered in the same period a year ago.

Pre-tax loss widened to Rs 9.22 crore in last quarter of FY24 as against Rs 4.63 crore posted in Q4 FY23.

The company's revenue from supply chain management stood at Rs 1,372.34 crore (up 14.65% YoY) while enterprise mobility services was at Rs 76.16 crore (up 1.13% YoY) during the period under review.

On full year basis, the firm reported a consolidated net loss of Rs 52.07 crore in FY24 as against a net profit of Rs 27.42 crore recorded in FY23. Revenue from operations rose 7.36% YoY to Rs 5,505.97 crore in FY24.

Meanwhile, on recommendations of the nomination and remuneration committee, the board of directors approved the re-appointment of Rampraveen Swaminathan as the managing director & chief executive officer (CEO) for a period of five years with effect from 4 February 2025 to 3 February 2030 (both days inclusive), subject to approval of the shareholders of the company.

Rampraveen Swaminathan, managing director and CEO of Mahindra Logistics, said, The quarter gone by was marked by an increasing volume recovery and growth as we saw positive momentum across our businesses, with strong growth in 3PL and Mobility segments. Our B2B express business has started seeing the benefits of cost optimization, as we continued to improve operating margins & EBITDA. The mobility segment remains on a recovery path.

Overall In FY 2023-24, excluding one-time charges, earnings across our core 3PL and other businesses were stable and improving. Completion of the 2nd tranche of investment in Zip Zap Logistics will help us further consolidate and provide an expanded range of services form last mile delivery and micro-fulfilment. We remain focused on driving the value of logistics solutions by integrating services across India, leveraging our technology, process and human capital.

Mahindra Logistics (MLL) is an integrated third-party logistics (3PL) service provider, specializing in supply chain management and enterprise mobility. The company serves over 400 corporate customers across various industries like automobile, engineering, consumer goods and e-commerce.

The scrip rose 1.70% currently trade at Rs 452.35 on the BSE.

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