Mahindra Logistics Q3 results: Consolidated profit rises 17% to Rs 18 cr

Mahindra Logistics on Friday reported a 17.42 per cent jump in its consolidated profit to Rs 18.40 crore for the quarter ended December.

The logistics arm of the Mahindra Group had clocked a consolidated profit after tax of Rs 15.67 crore during the third quarter of the previous fiscal, the company said in a BSE filing.

Its total income rose to Rs 1,048.51 crore during the quarter under review as against Rs 909.94 crore in the year-ago period, it said.

Its total expenses rose to Rs 1,023.55 crore during the October-December quarter of the current fiscal as against Rs 888.60 crore in the year-ago period.

Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said : "We continue to see improving performance, driven by market recovery and execution of our strategy of providing customized, integrated solutions to our customers. In Q3, FY20-21 we delivered our highest-ever quarterly revenue, with significant contribution from e-commerce, Automotive and Freight Forwarding businesses. Strong momentum in supply chain has offset the continuing softness in the Enterprise Mobility segment, which remains impacted by the COVID-19 pandemic."

He said the company continues to expand and grow service lines.

"During the quarter, we launched our Last mile delivery service, 'Edel' which uses 100 per cent electric powered vehicles. The service has been launched in six cites; to be expanded to 14 cities in coming 12 months," he said.