Stock Market update: Mahindra Logistics shares down by almost 10% post Q3 results

Mahindra Logistics Ltd (MLL) reported a sharp 72 per cent year-on-year decline in profit after tax (PAT) to Rs 5 crore for the December 2021 quarter.

Shares of Mahindra Logistics Ltd shares plunged to 9.84 per cent at Rs 594.90 apiece (−64.95) today at 1:25 pm IST on the National Stock Exchange after the declaration of quarter 3 results by the company.

Mahindra Logistics Ltd (MLL) reported a sharp 72 per cent year-on-year decline in profit after tax (PAT) to Rs 5 crore for the December 2021 quarter. The company had earlier reported a PAT of Rs 18 crore in the same quarter a year ago, MLL stated. Moreover, the revenue rose by seven per cent to Rs 1,118 crore during October-December 2021 as compared with Rs 1,047 crore in the year-ago period.

Revenue from warehousing services and solutions in the quarter raised by 35 per cent in the same period last year. The company counted that augmentation in the supply chain segment during the quarter stood at six per cent y-o-y, contributed by increased business volumes across all key end markets except auto.

Mahindra Logistics Managing Director and CEO Rampraveen Swaminathan said, “The quarter gone by was a challenging one. Demand from the auto sector continued to be impacted due to semi-conductor supplies and the festive season also saw moderate growth.”

MLL is an integrated third-party logistics (3PL) service provider specializing in supply chain management and people transport solutions. MLL serves over 350 corporate customers across various industries like Automobile Engineering Consumer Goods and E-commerce.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time