Skip to main content

Mahindra Logistics reports standalone PAT of Rs 19 cr in Q2 FY24

The company had posted a standalone PAT of Rs 11 crore in the July-September period of FY23, MLL said in a statement

Mumbai: Mahindra Logistics Ltd on Monday reported 73 per cent growth year-on-year in standalone Profit After Tax (PAT) at Rs 19-crore in the September quarter of this fiscal.

The company had posted a standalone PAT of Rs 11 crore in the July-September period of FY23, MLL said in a statement.

Revenue during the quarter under review declined 5 per cent at Rs 1,136-crore from Rs 1,195 crore in the period a year ago, it said.

The company said that continuing growth and consolidation across the supply chain businesses, with growth in some markets is offsetting headwinds and added that continued focus on margin improvement resulted in earnings growth across businesses other than the MLL Express business.

The overall logistics industry is well poised, driven by long term focus on infrastructure, manufacturing, consumption growth and positive regulatory trajectory, said Rampraveen Swaminathan, Managing Director and CEO at Mahindra Logistics Ltd.

“Overall new order intake remained robust across our business segments and we continued to consolidate our business operations in Q2, FY2024. Our organic growth in third party logistics remained positive driven by our end market diversification programs, despite headwinds in the Ecommerce segment,” he said.

“We have implemented appropriate actions to strengthen the network, customer service and volume enhancements in MLL Express and cross border logistics businesses.

“With the upcoming festive season we hope to see a positive demand uptick and we remain focused on accelerating margins driven by synergies in the network business and other cost reduction programmes,” Swaminathan added.

The company said 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,” MLL said.

Volumes in the MLL Express business increased by 4 per cent during the quarter. Despite positive momentum on customer additions, volume uptick from these customers mainly happened at the end of the quarter, MLL said.

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, it noted.

The third party logistic supply chain services growing 4 per cent year-on-year, driven by growth in automotive and engineering, consumer, and durables.

Ecom volumes remained weak during the quarter and softness continued to roll over, MLL said, adding however, the activity levels picked up towards the end of the quarter to prepare for a peak during the festive season in Q3.

It also said that the Mobility business continues to see an uptick on account of growth in existing customers and the acquisition of new clients.

The PAT has seen 133 per cent YOY growth and the business is now PAT positive, MLL said.

The post Mahindra Logistics reports standalone PAT of Rs 19 cr in Q2 FY24 appeared first on India Retailing.



from India Retailing https://ift.tt/ITq24rx
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more