Mahindra Logistics has reported a robust 73 percent year-on-year growth in standalone Profit After Tax (PAT) at INR 19 crore during the second quarter of fiscal year 2024. This impressive figure represents a significant increase from the INR 11 crore PAT posted in the same quarter of FY23, as stated by the company.
The company noted a 4 percent year-on-year growth in third-party logistic supply chain services, particularly in automotive and engineering, consumer, and durables segments. While E-commerce volume was relatively low in this quarter, expectations are high for the upcoming third quarter due to the festive season.
Mahindra Logistics anticipates an uptick in business mobility driven by existing customer growth and the acquisition of new clients. The company’s focus remains on providing tech-enabled freight forwarding services and tailored solutions to enhance supply chain efficiency. However, lower volumes and increased transport costs impacted this quarter’s improvement plans.
Despite these challenges, the company reported a 4 percent increase in volumes in the express business segment during the quarter. With the festive season and increased customer spending on E-commerce, Mahindra Logistics is optimistic about a healthy third quarter.
In the previous session, Mahindra Logistics closed at INR 368.95, marking a 3.21 percent decrease from the previous close.
