Transportation & Logistics company Mahindra Logistics announced Q1FY25 results:
Consolidated:
- Revenue Rs 1,420 crore as compared to Rs 1,293 crore in Q1FY24.
- EBITDA Rs 66 crore as compared to Rs 67 crore in Q1FY24.
- PBT Rs (2.5) crore as compared to Rs 0.6 crore in Q1FY24.
- PAT loss Rs 9.3 crore compared to Rs 8.6 crore in Q1FY24.
- EPS (Diluted) Rs (1.29) as compared to Rs (1.19) in Q1FY24.
Standalone:
- Revenue Rs 1,157 crore as compared to Rs 1,051 crore in Q1FY24.
- EBITDA Rs 72 crore as compared to Rs 83 crore in Q1FY24.
- PBT Rs 13.7 crore as compared to Rs 31.1 crore in Q1FY24.
- PAT Rs 10.2 crore as compared to Rs 23.0 crore in Q1FY24.
- EPS (Diluted) Rs 1.42 as compared to Rs 3.18 in Q1FY24.
Business Highlights:
- Moderate demand environment, Contract Logistics experienced a 9% YoY revenue growth in Q1FY25.
- Freight forwarding business saw a 12% QoQ increase, driven by a growth in demand for inbound ocean cargo
- The Express business saw an improvement of 2% YoY in revenue and a 16% YoY reduction in PAT losses driven by continuous cost optimization
- Mobility and Last Mile Delivery continued their improvement journey.
- Warehouse space under management in the 3PL business stood at over 20 million square feet. The company launched its state-of-the-art BTS warehouse at Guwahati during the quarter.
- MLL announced a joint venture with Seino Holdings Ltd. during the Quarter aiming to offer integrated logistics solutions to Japanese auto and auto-ancillary customeRs This partnership will leverage Seino’s global relationships with Japanese automotive customers to meet their logistics needs in India.
Commenting on the performance, Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics said, Despite the muted demand environment, the quarter gone by saw healthy order booking in 3PL and cross border business. The cross-border business saw good traction, driven by a growth in demand for inbound ocean cargo. The Mobility, Last Mile Delivery and auto outbound logistics business 2x2, continued their improvement journey and delivered a healthy performance. Earnings were impacted due to extended start-up costs, coupled with higher manpower and Warehousing lease costs. The Express business was impacted by lower volumes, which was offset by our cost optimization initiatives. We expect to see strong improvement in the overall operating performance in later part of the year.