Mahindra Logistics Q1 Results: Firm reports Rs 9 crore loss

After the company announced a loss for the first quarter of FY24, Mahindra Logistics Ltd shares fell more than 5% to Rs 378 at 12:29pm on July 25.

Their profits suffered as a result of rising costs and lukewarm demand. In contrast to the net profit of Rs 13.64 crore recorded a year ago, the company reported a net loss of Rs 8.30 crore for the quarter that ended June 30, 2023.

They reported in an exchange filing that operating revenue rose 7.78 percent year on year to Rs 1,293.22 crore in Q1FY24 from Rs 1,199.90 crore. Its overall costs increased 9.69 percent year on year to Rs 1,298.83 crore.

More than 90% of the company's revenue comes from the supply chain management (SCM) sector, which experienced a modest 6.24 percent year-on-year increase in sales to Rs 1,213.76 crore from Rs 1,142.74 crore in Q1FY22. The SCM segmental profit, which was recorded at Rs. 74.97 crore in the quarter that ended in June 2022, fell sharply by 97 percent to Rs. 2.23 crore in the quarter that concluded in June 2023.

Source: Media Reports