Mahindra Logistics Reports Rs 9 Crore Loss In Q1

Mahindra Logistics on Monday posted a consolidated net loss of Rs 9 crore for April-June 2023-24.

It had posted Rs 13 crore net profit in the corresponding period of FY23, according to a BSE filing.

Total income however increased to Rs 1,299.40 crore from Rs 1,202.99 crore in the year-ago quarter. Expenses soared to Rs 1,298.83 crore as against Rs 1,184.02 crore.

"In Q1 FY24, we continued focusing on customer growth and expanding margins across integrated logistics & mobility solutions. Despite the slowdown in some end markets, mobility and last mile businesses demonstrated positive traction on order intake and account expansion. We remain optimistic of positive demand uptick in coming quarters and remain focused on consolidating and leveraging our portfolio," Rampraveen Swaminathan, managing director and CEO of Mahindra Logistics said.