New Delhi, July 27, 2021: Mahindra Logistics Ltd. (MLL), one of Indiaโs large 3PL solutions providers, today announced its consolidated financial results for the quarter ended on June 30, 2021.
Q1 F21 had witnessed extreme disruptions due to lockdowns imposed to contain spread of COVID 19 and hence to that extent the previous year numbers factor that impact.
Key Highlights
ยท Recorded 113% growth in overall quarterly revenue, despite the disruptions due to the second wave of Covid 19.
ยท Growth in Supply Chain segment during the quarter at 114% YoY, contributed by increased business volumes across all end markets.
ยท Revenue from Warehousing services & solutions grew 30% over the same period last year with continued focus on solutions-led approach to customerโs requirements.
ยท Positive traction observed post launch of โEDelโ: Electric last mile delivery solution. The Company sees strong demand environment with opportunity for continuing fleet deployment.
ยท Continuing focus on cost management and cash flow from operations.
Commenting on the performance, Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said,
โWe delivered a strong performance despite the challenging external environment due to the rapid spread of Wave 2 of the Covid 19 pandemic. The regional lockdowns, high commodity costs and fuel prices impacted demand across the end markets. Our strong focus on customer retention, new account acquisition and cost reduction helped us offset these challenges.
Implementation of our strategic initiatives continued through the quarter and we anticipate a strong uptick in the economic activity in rest of the year.
We have launched several initiatives to improve our preparedness for the future with employee assistance programs and vaccination campaigns. As part of the relief program, the Company supported the โMahindra Oxygen on Wheelsโ initiative to provide last mile delivery support for oxygen cylinders across the country โ
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 โasset-lightโ business model, providing customised and technology enabled solutions that span across the supply chain and people transport operations. MLL is part of the Mobility Services Sector of the Mahindra Group.
For more information, visit www.mahindralogistics.com
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 worldโs 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.
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