Mahindra Logistics witnessed a decline of 6.15% in its shares during early trade on the NSE on January 30, a day after the company disclosed a net loss of Rs 17.41 crore in the third quarter of the fiscal year 2023-24. This is a significant contrast to the net-profit status reported in the corresponding period of the previous fiscal year. At 10:18 am, the stock was trading at Rs 410.65.
The regulatory filing by Mahindra Logistics revealed a consolidated net loss of Rs 17.41 crore for the quarter ending December 2023, in contrast to a net profit of Rs 1.39 crore in the same period the previous fiscal year. Despite the net loss, the company reported a 5.09% YoY increase in revenue for Q3 FY24, reaching Rs 1,397.23 crore compared to Rs 1,329.6 crore in the corresponding quarter of the previous year.
In a filing made on January 26, Mahindra Logistics had announced the addition of a 3-lakh-square-foot facility in Nashik, expanding its total warehousing footprint in the region to 5 lakh square feet. The company emphasized that this new facility represents the largest warehousing space offered by any service provider in the region.
