Revenue during the quarter under review, however, in July-September FY24 was Rs. 1,136 crore increased by 9 percent to Rs. 1,236 crores.
Overall revenue during Q2 of FY25 showed a robust growth of 11.5 percent year-on-year.
The company said it continues to expand capacity and invest in the eastern and northeastern region, as well as focus on warehouses, delivery stations and express logistics.
It expects these investments to stimulate growth in all businesses in the second half of the year.
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“During the quarter, we saw a strong revenue performance with growth of 11.5 percent year-on-year. Our 3PL contract logistics, cross-border and last mile delivery segments recorded strong growth driven by account additions, new offerings and stable cross-border pricing. Environment,” Mahindra Logistics Ltd. Managing Director and CEO Rampraveen Swaminathan said.
During the quarter, the company expanded its offerings for transportation and green logistics and continued to expand the overall network with new infrastructure expansion to support warehousing, last mile and express segments in the east, which will aid future growth.
“With the upcoming peak in the quarter, we have expanded capacity and resources in contract logistics and last mile delivery, which has a seasonal impact on operating earnings in the quarter,” he said.
“The soft demand environment and operating conditions impacted the express business. We believe H2 will be stronger due to the festive peak and the impact of margin improvement programs across all businesses,” Swaminathan said.
Mahindra Logistics said revenue from the freight forwarding business grew by 65 per cent year-on-year due to improvement in sea freight prices.
He also said that the current geopolitical conflicts affect the cross-border market and that it is worth keeping a key watch.
Losses for the express business declined by 32 percent year-on-year, driven by continued cost optimization.
Volume growth continues to be a key priority for the business moving towards EBITDA breakeven, it said, adding that the third party logistics business is actively gearing up to increase capacity to meet increased demand during the festive peak in Q3 FY25.
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