Mahindra Logistics Q2 Consolidated Profit Up 31% to Rs 15 Crore, Revenue at Rs 833 Crore

Team Latestly
·2-min read

Mumbai, October 30: Mahindra Logistics Ltd. (MLL), one of India’s large 3PL solutions providers, today announced its consolidated financial results for the quarter and half year ended on September30, 2020. Mahindra Logistics clocked a consolidated profit after tax of Rs 15 crore for the quarter ended September, 31.41 percent up from Rs 11 crore last year, the company said in a BSE filing. Mahindra Group Marks 75th Anniversary With 'Rise Up' Digital Ad Saluting India's Spirit to Emerge Victorious Amid These Challenging Times; Watch Video.

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The logistics arm of the Mahindra Group also reported an increase in profit before tax or PBT. It reported a consolidated profit before tax of Rs 20 crore. The company had clocked a consolidated PBT of Rs 18 crore during the second quarter of the previous fiscal. It also generated revenue of Rs 833 crore during the quarter under review as against Rs 852 crore in the year-ago period, the company added. Mahindra Electric Launches New Cargo 3-Wheeler Treo Zor at Starting Price of Rs 2.73 Lakh.

The total expenses of Mahindra Logistics declined to Rs 820.52 crore during the July-September quarter of the fiscal as against Rs 836.50 crore in the year-ago period. "We have seen a strong rebound in our supply chain operations during the quarter. Our fulfilment logistics solutions and services continued to witness strong growth driven by E-commerce, Pharma and FMCG verticals. We also continued to see strong growth from the Farm segment during the quarter," Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said.

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"While we are not yet completely back to normalcy since the advent of Covid-19 pandemic, our focus on select industry verticals, our deep partner network and our ability to fulfil customer requirements efficiently, has enabled year-on-year growth in our supply chain business," Rampraveen Swaminathan added.

He further said: "We have in this period, also scaled up the speed on technology adoption with several IT systems and functionalities going live, which will enable seamless data flow and support businesses better. During the quarter we launched two new built-to-suit warehouses aggregating 0.8 million square feet and continued to see strong demand for value-added services and solutions."

"The business environment is steadily improving. With improving auto demand, combined with growth in our E-commerce, Consumer and Freight Forwarding business, we remain positive that the execution of our strategy will continue to provide strong momentum," the MD and CEO of Mahindra Logistics opined.