Mahindra Logistics' revenue grew 113 per cent to Rs 873 crore in Q1 of FY22 against Rs 410 crore in the same quarter of the previous fiscal.
Profit before tax was Rs 12 crore in Q1 FY22 compared to Rs 22 crore loss in Q1 of FY21. While profit after tax grew 155 per cent to Rs 9 crore against Rs 17 crore loss in April-June quarter of last year.
"Growth in supply chain segment during the quarter at 114% YoY, contributed by increased business volumes across all end markets," a company statement said. It said revenue from warehousing services and solutions grew 30 per cent over the same period last year.
At the end of the April-June quarter, Mahindra Logistics' earnings before interest, taxes, and amortisation (EBITA) stood Rs 47 crore compared to Rs 1 crore in Q1 of last year.
As of June 30, 2021, the firm's earnings per share (diluted) stood at Rs 1.26 as compared to negative Rs 2.21 last year. The results show the firm braced the second wave of the COVID-19 pandemic much better than the first.
Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, "Our strong focus on customer retention, new account acquisition and cost reduction helped us offset these challenges".
Swaminathan said the implementation of the firm's strategic initiatives continued through the quarter and Mahindra Logistics anticipates a strong uptick in the economic activity in the rest of the year.
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