Mahindra Logistics today reported a 61 percent increase in consolidated net income at Rs 24 crore for the three months to June on a revenue of Rs 928 crore, which grew 9 percent.
The company attributed the better show to higher gross margins across different industry verticals driven by focus on operational efficiencies and better revenue mix coupled with other income.
The bottomline was driven by the warehousing vertical and other value-added activities, the firm said in a release.
Pirojshaw Sarkari, chief executive of Mahindra Logistics, said, “Profit growth was significantly higher because of expansion in gross margins, increase in other income and nil strategic consulting fees compared to last year.”
“We remain buoyant on the logistics sector potential and will continue our endeavour to shape the industry and expand our business,” he added
Mahindra Logistics is a portfolio company of Mahindra Partners, which is the USD 1-billion private equity division of the Mahindra group, and is an integrated third-party logistics (3PL) service provider, specialising in supply chain management and people transport solutions.
The company’s stock closed 0.07 percent higher at Rs 584.40 apiece at the BSE today, against 0.95 percent decline in the benchmark.
Source link Google News