February 25, 2024

Mahindra Logistics Q2 FY23 Revenue at Rs. 1,326 Cr, up 28% over Q2 FY22 Q2 FY23 PAT of Rs. 11 Cr

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Mumbai, November 09, 2022: Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, today announced its unaudited consolidated financial results for the quarter and half year ended September 30, 2022.

Q2 FY23 performance compared with Q2 FY22

  • Revenue Rs. 1,326 crores as compared to Rs. 1,033 crores
  • EBITDA Rs. 71 crores as compared to Rs. 49 crores
  • PBT Rs. 17 crores as compared to Rs. 8 crores
  • PAT Rs. 11 crores as compared to Rs 5 crores
  • EPS (Diluted) Rs. 1.69 as compared to Rs. 0.71

H1 FY23 performance compared with H1 FY22

  • Revenue Rs. 2,526 crores as compared to Rs. 1,916 crores
  • EBITDA Rs. 140 crores as compared to Rs. 92 crores
  • PBT Rs. 36 crores as compared to Rs. 14 crores
  • PAT Rs 25 crores compared to Rs. 8 crores
  • EPS (Diluted) Rs. 3.56 as compared to Rs. 1.16

FY22 figures have been restated post acquisition of Meru companies in Q1 FY23.

Key Highlights

  • Growth in the quarter propelled by continuing recovery in automotive industry and sustained growth in consumption end markets including telecom
  • Steady growth in B2B express and last mile delivery (including eDel) services
  • Mobility business though not scaled back to pre-covid levels continues to improve on operational efficiency
  • In the quarter we have unveiled more than 1 Mn sq.ft. of warehouse space across locations like Nashik, Bhiwandi and Luhari

Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. said,

“We continued our growth momentum in the Q2 of FY23 with 28% YoY increase in revenue. Business volume increase has been led by auto recovery and continued organic volume growth in other sectors. In addition to 3PL contract logistics, we continued to invest in last mile and B2B express which have maintained a strong growth momentum.  During the quarter we witnessed broader impact of inflation, increase in front line manpower costs and supply shortages of trailers and car carriers. While the short-term operating environment continues to be characterized by global recessionary trends, pricing volatility and overall inflation, we continue to drive optimization in operations for us and our clients. The recently announced National Logistics Policy will be a catalyst for sector reforms and will enhance digitization, multi modal logistics and lower cost of logistics.”