Shares of Mahindra Logistics Ltd. fell over 5% on Wednesday after it reported a net loss in the July–September quarter.
The company reported a net loss of Rs 15.9 crore during the September quarter, according to an exchange filing. This compares to a net profit of Rs 12.2 crore in the same quarter of the previous financial year. The loss was due to an exceptional item loss and a tax of Rs 8.2 crore.
Apart from this, Company Secretary and Compliance Officer, Ruchie Khanna, resigned from her post with effect from Nov. 30, on account of her transfer within the Mahindra group. Jignesh Parikh will be appointed in her place with effect from Dec. 1.
Mahindra Logistics Q2 FY24 Key Highlights (Consolidated, YoY)
Revenue up 2.89% at Rs 1,364.8 crore.
Ebitda down 20.75% at Rs 53.6 crore.
Margin at 3.92% vs 5.09%.
Net loss of Rs 15.9 crore vs profit of Rs 12.2 crore.
Shares of the company fell as much as 5.27%, the lowest since Oct. 11, before rebounding to trade 4.35% lower at 10:05 a.m. This compares to a 0.04% advance in the NSE Nifty 50.
The stock has fallen 29.57% on a year-to-date basis. Total traded volume so far in the day stood at 7.9 times its 30-day average. The relative strength index was at 35.6.
Of the 14 analysts tracking the company, seven maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.7%.
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