 "Mahindra Logistics")
India's Mahindra Logistics reported a smaller quarterly loss on Monday, helped by growth in its key contract logistics division and a narrower loss in its express commerce segment.
It reported a consolidated net loss of Rs 6.75 crore ($793,045) for the January-March period - its ninth consecutive quarterly loss - compared to a loss of 128.5 million rupees a year earlier. Total expenses rose 7.4% to Rs 1,571 crore.
Its revenue from operations rose 8% to Rs 1,570 crore.
KEY CONTEXT
Mahindra Logistics, which has grappled with losses from the 2022 acquisition of express commerce firm Rivigo, said its core losses in the segment narrowed to Rs 11.6 crore for the fourth quarter from 149 million rupees a year earlier.
Revenue from its mainstay contract logistics business, meanwhile, rose 9% year-on-year.
India's $342 billion logistics sector remains highly competitive, with firms such as Blue Dart and Delhivery ramping up spending to attract clients and fend off pressure from the in-house logistics divisions of e-commerce giants like Amazon and Walmart-backed Flipkart.
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