Mahindra Logistics slumps 6.5% on slipping into Rs 17.41-crore net loss in Q3

Shares of Mahindra Logistics fell 6.57 percent in early trade on the NSE on January 30, a day after the company reported a Rs 17.41 crore net loss in Q3FY24 against a net-profit status last fiscal. At 9:40am, the stock was trading at Rs 410.40.

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In a regulatory filing, Mahindra Logistics reported a consolidated net loss of Rs 17.41 crore for the quarter ended December 2023, as against a net profit of Rs 1.39 crore in the previous fiscal. In Q3FY24, the revenue increased 5.09 percent on-year to Rs 1,397.23 crore from Rs 1,3296 crore a year back.

In a January 26 filing, the logistics player had announced a 3-lakh-square-foot facility in Nashik. With the latest announcement, their total warehousing footprint in the region now stands at 5 lakh square feet.  According to the company, this will be the largest warehousing space offered by any service-provider in the region.

Also read: Mahindra Logistics swings to Q3 loss of Rs 17.41 cr on weak supply chain management business

The results have been mostly in line with the Street estimates. In a pre-earnings report, Elara Securities had estimated that  in the 3PL
space, Mahindra Logistics revenues could grow 5 percent on-year aided by mixed growth from both M&M and non-M&M. The brokerage had also estimated that the consolidated EBITDA margin would witness a dip at 4.4 percent.

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