Mahindra Logistics swings to Q3 loss of Rs 17.41 cr on weak supply chain management business

MUMBAI : Mahindra Logistics reported a consolidated net loss of Rs 17.41 crore for the quarter ending in December 2023, compared to a net profit of Rs 1.39 crore recorded in the similar quarter of the previous fiscal year.

Revenue rose up 5.09 percent YoY to Rs 1,397.23 crore in the quarter, Mahindra Logistics said in an exchange filing of January 29. The weak perfomance was driven by the supply chain management business, which registered a loss of Rs 9.94 crore in the quarter compared to a profit of Rs 5.97 crore in the previous year. The enterprises mobility business, on the other hand, posted a profit of Rs 37 lakh compared to loss of Rs 2.42 crore in the previous year.

Losses and revenue mounted compared to the previous quarter as well. Net loss in previous quarter was at Rs 15.46 crore while revenue was at Rs 1,364.76 crore.

Mahindra Logistics offers services in freight forwarding, B2B express, contract logistics and last mile delivery.The company provides supply chain expertise to several industrial verticals like automotive, engineering, consumer goods, pharmaceuticals, telecommunications, commodities and e-commerce.