Mahindra Logistics, a provider of integrated logistics and mobility solutions, has posted a consolidated net loss of Rs 16 crore for the quarter ending on September 30, 2023 (Q2FY24), primarily due to challenges in the e-commerce sector. In the same period of the previous fiscal year (Q2 FY23), the company had reported a net profit of Rs 11 crore. On a positive note, the company’s consolidated revenues for Q2 FY24 amounted to Rs 1,365 crore, up from Rs 1,326 crore in Q2 FY23.
Despite the setback in its e-commerce segment, Mahindra Logistics’ mobility business is showing promising growth, driven by an increase in existing customer demand and the acquisition of new clients. This business segment has achieved a notable 133% year-on-year growth and is now operating with a net profit.