MLL sees 10 percent revenue growth despite net loss increase in Q1FY25.
Mahindra Logistics (MLL) reported a net loss of ₹9.3 crore for Q1FY25, up from ₹8.6 crore in Q1FY24. However, revenue from operations rose by 10 percent to ₹1,420 crore, compared to ₹1,293 crore in the same period last year.
The company noted moderate demand, with contract logistics seeing a 9 percent YoY revenue growth. Freight forwarding business increased by 12 percent QoQ due to rising demand for inbound ocean cargo. The express business improved 2 percent YoY in revenue and reduced PAT losses by 16 percent YoY through cost optimization. Mobility and last mile delivery continued to progress, and the 3PL business managed over 20 million square feet of warehouse space, including a new BTS warehouse in Guwahati.
A joint venture with Seino Holdings was launched to provide integrated logistics solutions for Japanese auto customers. Despite the muted demand, the quarter saw strong order bookings in 3PL and cross-border business, with inbound ocean cargo demand driving growth.
Rampraveen Swaminathan, Managing Director and CEO, highlighted that extended start-up costs and higher manpower and warehousing lease costs impacted earnings. However, he expects significant improvement in operating performance later in the year. Swaminathan has been reappointed as Managing Director and CEO for another five years, from February 2025 to February 2030.
