January 30, 2024: Integrated logistics and mobility solutions provider Mahindra Logistics on January 29, 2024, announced its unaudited consolidated financial results for the first nine months of financial year 2023-24 (9M FY24) and the third quarter (Q3 FY24) ended December 31, 2023. During Q3 FY24, the company’s consolidated revenue stood at Rs 1,379 crore as against Rs 1,330 crore in Q3 FY23. The EBITDA dropped to Rs 52 crore in Q3 FY24 from Rs 63 crore during the same time previous year. The profit before tax (PBT) during the quarter increased to Rs 9.6 crore as against Rs 3.5 crore previous year. The company’s profit after tax (PAT) during Q3 FY24 stood at Rs 17.1 crore as against Rs 1.1 crore during Q3 FY23. The earnings per share (EPS) went up from Rs 0.19 in Q3 FY23 to Rs 2.42 in Q3 FY24.
During 9M FY24, the company’s consolidated revenue stood at Rs 4,055 crore as against Rs 3,856 crore in Q3 FY23. The EBITDA dropped to Rs 172 crore in Q3 FY24 from Rs 196 crore during the same time previous year. The PBT during the quarter reduced to Rs 17.2 crore as against Rs 29.2 crore previous year. The company’s PAT during Q3 FY24 stood at Rs 41.2 crore as against Rs 25.7 crore during Q3 FY23. The EPS went up from Rs 5.82 in Q3 FY23 to Rs 3.75 in Q3 FY24.
Rampraveen Swaminathan, managing director and CEO, Mahindra Logistics, said, “Q3 FY24 was a period of moderate demand. Continuing growth in engineering and FMCG segments were offset by slow growth in other markets. The festive season was marked by volume growth but was offset by lower volumes due to capacity consolidation and increased shut downs, especially in e-commerce and some automotive OEM customers. During the quarter, the 3PL supply chain business demonstrated stable growth. The freight forwarding business continued to demonstrate sequential growth, despite global headwinds. We continued to make progress in the B2B express business with growth in volume and enhancements in service levels. Our multi-client warehousing expansion remains on track with new expansion announcements of 1.1 msf. We are optimistic of strong growth driven by order intake across our businesses and continued improvement of the express business and integration of the rivigo acquisition, in coming quarters.”
Key highlights
- 3PL supply chain services grew 5% YoY, driven by growth in automotive and engineering, consumer and durables.
- 3PL supply chain and last mile delivery businesses grew over 20%, sequentially driven by festive peak. Revenues impacted vs prior year due to customer site consolidations.
- Freight forwarding and express businesses continue to show improvements in volume on a sequential quarter basis. Continuing focus on volume growth and yield management.
- Strong quarter of order intake across the 3PL supply chain business, driven by growth in FMCG, Engineering and Auto.
- Warehouse space under management stood at 20 million square foot (msf) in the 3PL business. Current expansions in Chakan, Kolkata, Nasik and Guwahati are on track.
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