Mahindra Logistics Q2 PAT drops 37% to Rs 9.29 crore

Mahindra Logistics has reported a 37.4 per cent decline in consolidated profit after tax (PAT) at Rs 9.29 crore for the quarter ended September 30, 2021.

The company had posted a consolidated PAT of Rs 14.85 crore in the year-ago period, Mahindra Logistics said in a regulatory filing.

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However, the consolidated total income of the company during the July-September period increased to Rs 1,021.07 crore, over Rs 840.76 crore in the year-ago period, the filing said.

"We continue to witness a strong growth in revenue, driven by growth from new wins in e-commerce, consumer & freight forwarding," company's Managing Director and CEO Rampraveen Swaminathan said.

Swaminathan further added that despite headwinds in the auto industry, the focus on designing and delivering customised, integrated solutions continues to be a key driver for the company's growth.

The mobility business continues to see a recovery with focus on new segments and customers.

"During the quarter, demand from the auto industry remained stressed due to shortage of semiconductors. Wave 2 of the COVID-19 pandemic has resulted in delays of new projects.

"Further, we continued to see a sharp increase in fuel costs.... We are optimistic of continuing growth with the upcoming festive season and aim to sustain our focus on delivering technology-enabled, integrated solutions," Swaminathan said.