Mahindra Logistics Stock Down Almost 3% As It Reports Loss In Q4

Mahindra Logistics stock was down 2.95 per cent on Tuesday as the company reported a drop in its net profit at 0.2 crore in Q4 FY23, down 97 per cent year-on-year (YoY).

The company’s consolidated profit after tax (PAT) in Q4 was recorded at Rs -1 crore as compared to Rs 6 crore in Q4 FY22.

Meanwhile, Mahindra Logistics recorded revenue of Rs 1,273 crore in Q4 FY23 as compared to Rs 1,089 crore in Q4 FY22. EBITDA in the quarter ended 31 March, 2023 was at Rs 68 crore as compared to Rs 58 crore in Q4 FY22.

“Despite slowdown in some end markets, our core 3PL business demonstrated positive traction on order intake and margin expansion, driven by our diversified market segments. Our freight forwarding business was impacted by freight price corrections but demonstrated volume growth across all offerings. The integration program of Rivigo's B2B express business acquired last quarter remains on track to yield cost and operating synergies in the coming quarters,” said Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics.

The company also reported that its total expenses climbed 18 per cent to Rs 12.81 billion with operating expenses jumping 15.7 per cent.