Mahindra Logistics declines over 5% as firm posts consolidated loss of Rs 16 crore for Q2

Mahindra Logistics share price NSE: Shares of Mahindra Logistics on Wednesday, October 25, declined more than 5 per cent to hit the day's low of Rs 349.5 apiece on the NSE in early trade after the end-to-end third-party (3PL) logistics solution provider posted a consolidated net loss of Rs 15.93 crore for the second quarter of the current fiscal (Q2 FY24).

In the corresponding quarter a year ago, the company reported a net profit of Rs 12.19 crore, the company said in its regulatory filing. Consolidated revenue during the quarter under review grew nearly 3 per cent to Rs 1,364.76 crore against Rs 1,326.33 logged in the year-ago period, whereas, on a standalone basis, revenue declined 5 per cent to Rs 1,136 crore from Rs 1,195 crore registered in the year-ago quarter.

The company's PAT on a standalone basis stood at Rs 18.64 crore, up 65.8 per cent against Rs 11.24 crore logged in the year-ago period. The company said that continuing growth and consolidation across the supply chain businesses, with growth in some markets, is offsetting headwinds, and added that continued focus on margin improvement resulted in earnings growth across businesses other than the MLL Express business.

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