Mahindra Logistics Ltd Q2 & H1 FY24 Results

Mumbai, October 25, 2023: Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, today announced its audited consolidated financial results for the quarter ended on September 30, 2023.

Q2 FY24 MLL Standalone compared with Q2 FY23

• Revenue Rs. 1,136 crores as compared to Rs. 1,195 crores
• EBITDA Rs. 74 crores as compared to Rs. 64 crores
• PBT Rs. 26 crores as compared to Rs. 15 crores
• PAT Rs. 19 crores as compared to Rs 11 crores.
• EPS (Diluted) Rs.2.59 as compared to Rs 1.56

H1 FY24 MLL Standalone compared with H1 FY23

• Revenue Rs. 2,187 crores as compared to Rs. 2,264 crores
• EBITDA Rs. 157 crores as compared to Rs. 128 crores
• PBT Rs. 57 crores as compared to Rs. 34 crores
• PAT Rs. 42 crores as compared to Rs 25 crores.
• EPS (Diluted) Rs.5.78 as compared to Rs 3.51

Q2 FY24 (consolidated) performance compared with Q2FY23

• Revenue Rs. 1,365 crores as compared to Rs. 1,326 crores
• EBITDA Rs. 54 crores as compared to Rs. 68 crores
• PBT Rs. (8 crores) as compared to Rs. 17 crores
• PAT loss Rs 16 crores compared to profit of Rs. 11 crores
• EPS (Diluted) Rs. (2.21) as compared to Rs. 1.69

H1 FY24 (consolidated) performance compared with H1FY23

• Revenue Rs. 2,658 crores as compared to Rs. 2,526 crores
• EBITDA Rs. 120 crores as compared to Rs.133 crores
• PBT Rs. (8 crores) as compared to Rs. 36 crores
• PAT loss Rs 24 crores compared to profit of Rs. 25 crores
• EPS (Diluted) Rs. (3.40) as compared to Rs. 3.57

Key Highlights

• Continuing growth and consolidation across the supply chain businesses, with growth in some markets offsetting headwinds.
• 3PL Supply Chain services growing 4% YoY driven by growth in automotive and engineering, consumer, and durables. Ecom volumes remained weak during the quarter and softness continued to roll over. However, the activity levels picked up towards the end of the quarter to prepare for a peak during the festive season in Q3.

• The Global Freight Forwarding industry has witnessed a period of lower-than-expected performance largely influenced by softness in the freight prices and global uncertainty. Our focus is to provide reliable tech-enabled freight forwarding services and deliver tailor-made solutions to customers to enhance their supply chain efficiency.
• Continued focus on margin improvement resulted in earnings growth across businesses other than the MLL Express business.

• Volumes in the MLL Express business increased by 4% during the quarter. Despite positive momentum on customer additions, volume uptick from these customers mainly happened at the end of the quarter. The company remains focused on expanding network coverage and service levels. Lower volumes and higher transport costs during the quarter continued to drag the improvement plan. 
• The Mobility business continues to see an uptick on account of growth in existing customers and acquisition of new clients. The PAT has seen 133% YOY growth and the business is now PAT positive.
• Warehouse space under management stood at 19 million sq. ft. in the 3PL business. Current expansions in Chakan, Kolkata, Nasik, and Guwahati are on track.
• Launch of 6.5 lakh sq. ft. multi-client warehouse in Bhiwandi, Mumbai to manage the fulfilment and distribution for automotive, e-commerce and FMCG industries.

Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. said,