MUMBAI : India’s Mahindra Logistics posted a better-than-expected quarterly profit on Monday, aided by growth in the company’s core warehousing and transportation business.
The company reported a consolidated net profit of ₹25.39 crore ($2.63 million) in the first quarter ended June 30 from a loss of ₹10.8 crore a year ago.
Analysts, on average, had expected ₹24.2 crore, according to LSEG compiled data.
Core supply chain management operations, which include warehousing, distribution and freight movements, remained a strong growth driver with a 22.5 per cent growth in revenue to ₹1,892 crore.
Performance in this quarter was driven by growth in the contract logistics business, with new customer wins across sectors as well as due to progress in the company’s turnaround strategy of its express business-to-business delivery business, the company said in a statement.
Mahindra Logistics, which was spun off from the broader Mahindra Group, said that its enterprise mobility division also meaningfully contributed to growth this quarter.
The segment, which provides enterprise mobility solutions through a platform called Alyte, reported a 41 per cent growth in revenue.
Consolidated revenue jumped to ₹2,003 crore from ₹1,624.5 crore in the year-ago quarter.
