Mahindra Logistics Q1 FY21 Revenue at Rs. 410crore; EBITDA Rs. 0.6crore!
Resilient performance in a Challenging Environment!
Mumbai, July30, 2020: Mahindra Logistics Ltd. (MLL), one of India’s large 3PL solutions providers, today announced its consolidated financial results for the quarter ended on June 30, 2020.
Q1 FY21 performance compared with Q1 FY20
- Revenue Rs. 410 crore as compared to Rs. 899 crore last year ,
- EBITDA Rs. 0.6 crore as compared to Rs. 47crore last year,
- PBT Rs. -22 crore as compared to Rs.29 crore last year,
- PAT Rs. -17 crore as compared to Rs 19 crore last year,
- EPS (Diluted) Rs. -2.21 as compared to Rs. 2.60 last year.
Key Highlights
- The Company’s operations in the quarter gone by were impacted due to lockdowns and disruptions across the country in the quarter gone by.
- The operations gradually resumed in a phased manner with requisite precautions and we have as a result seen improvement of scale of performance on a month on month basis.
- Company has taken actions to reduce operating costs and fixed costs in the current environment. Maintained Gross Margin % at the same level as Q1 F20
- Despite the environment, we went live with several customers during the quarter. Our warehouse space under management increase by 0.25 million square feet.
- Company has ensure effective working capital and cash flow management resulting in positive free cash generation in Q1 F21
Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said,
“In these challenging conditions, the company has delivered a resilient performance with strong customer retention, cost reduction and improved cash flows.The quarter was expectedly a tough quarter, with the full impact of nationwide lockdowns and disruptions due to the Covid-19 pandemic. Significant reduction in industrial activity, wide spread Work From Home (WFH) and lower business sentiments has impacted the overall economy and the industry. We witnessed sequentially improving May & June, while the demand remains below pre-Covid19 levels in most end markets.
Our employees health & safety has been our top priority, and we launched programs for safe return to work, skilling and wellness. We have partnered closely with our customers in providing essential services, Our support to our communities included providing Alyte’ emergency cab services, driver relief through the HOPE program and undertaking other community relief programs.
Economic activity has started improving and we are well positioned to drive recovery in the coming quarters. We have grown our customer relationships in E Commerce, FMCG & Pharma, and continue to strengthen our focus on delivering solutions, driving operations excellence and leveraging technology.”
About Mahindra Logistics
Mahindra Logistics Limited (MLL) is an integrated third-party logistics (3PL) service provider, specializing in supply chain management and enterprise mobility (people transport solutions). Founded more than a decade ago, MLL serves over 400+ corporate customers across various industries like Automobile, Engineering, Consumer Goods and E-commerce. The Company pursues an “asset-light” business model, providing customised and technology enabled solutions that span across the supply chain and people transport operations. MLL is part of the newly created Mobility Services Sector of the Mahindra Group.
For more information, visit www.mahindralogistics.com
About Mahindra Mobility Services Sector
Mahindra’s new Mobility Services Sector (MSS) includes a range of businesses that provide innovative, technology-driven solutions for the efficient movement of people and goods across India. In addition, MSS is the incubation platform and growth driver for future investments by the Mahindra Group in technology-driven mobility companies, with the vision of co-creating the Future of Mobility.
The Sector includes Mahindra Logistics, one of India’s largest 3PL solutions providers specialising in supply chain management and enterprise mobility, as well as India’s leading pre-owned, organised car business consisting of Mahindra First Choice Wheels, CarandBike and Mahindra First Choice Services, one of India’s largest chain of multi-brand car workshops.
MSS is also pioneering a range of mobility solutions with its other businesses including Meru, a well-recognised pioneer brand in shared mobility, Porter, the online goods transport marketplace, Zoomcar, India’s leading self-drive car rental company and Glyd, a unique all-electric corporate mobility platform.
About Mahindra
The Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise
