Mahindra Logistics’ Q4 net loss widens to ₹12.85 crore, revenue increases 14%
Upstox
2 min read • Updated: April 23, 2024, 12:28 PM
Summary
Mahindra Logistics reported a 7.37% rise in revenues to ₹5,506 crore for the fiscal year 2024. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 12% y-o-y to ₹229 crore during the year. The company reported a net loss of ₹54.7 crore during the quarter as compared to a net profit of ₹26.28 crore in the previous year.
Mahindra Logistics on Monday announced a 14% year-over-year (y-o-y) rise in its fourth quarter consolidated operating revenue at ₹1,451 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 11% to ₹57 crore during the quarter. Net loss during the quarter increased to ₹12.85 crore as compared to a net loss of ₹82 lakh during the same period a year ago.
For the fiscal year 2024, the company reported a 7.37% rise in revenues to ₹5,506 crore. The operating profits fell 12% y-o-y to ₹229 crores during the year, primarily led by a 7% YoY rise in employee benefit expenses and 14% YoY rise in operating expenses.
The company reported a net loss of ₹54.7 crore during the quarter as compared to a net profit of ₹26.28 crore in the previous year.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics said the fourth quarter was marked by an increasing volume recovery and growth with positive momentum across businesses and strong growth in third-party logistics (3PL) and mobility segments.
“Our B2B express business has started seeing the benefits of cost optimisation, as we continue to improve operating margins and EBITDA. The mobility segment remains on a recovery path. Overall, in FY24, excluding one-time charges, earnings across our core 3PL and other businesses were stable and improving. Completion of the second 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,” he said.
The company’s 3PL business saw its overall revenue grow 15% y-o-y at ₹1,119 crore. The gross margin stood at 11%.
Mahindra Logistics is an integrated 3PL service provider, specialising in supply chain management and enterprise mobility. It serves over 400 corporate customers across various industries like automobile, engineering, consumer goods and e-commerce.
Shares of the company have gained over 11% since the beginning of the year. The stock has risen over 16% in the last one year.