BREAKING NEWS

Advertisement

Business

Updated on: Thursday, October 28, 2021, 03:54 PM IST

Mahindra Logistics Q2 results: PAT down 37.4 to Rs 9.29 cr

Demand from the auto industry remained stressed due to a shortage of semiconductors and the second wave of the COVID19 pandemic has resulted in delays of new projects, Mahindra Logistic said / Representational Image |

Demand from the auto industry remained stressed due to a shortage of semiconductors and the second wave of the COVID19 pandemic has resulted in delays of new projects, Mahindra Logistic said / Representational Image |

Advertisement

Mahindra Logistics has reported a 37.4 percent decline in consolidated profit after tax (PAT) at Rs 9.29 crore for the quarter ended September 30, 2021. The company had posted a consolidated PAT of Rs 14.85 crore in the year-ago period, Mahindra Logistics said in a regulatory filing.

However, the consolidated total income of the company during the July-September period increased to Rs 1,021.07 crore, over Rs 840.76 crore in the year-ago period, the filing said.

''We continue to witness a strong revenue growth, driven by growth from new wins in e-commerce, consumer & freight forwarding,'' the company's Managing Director and CEO Rampraveen Swaminathan said.

Swaminathan further added that despite headwinds in the auto industry, the focus on designing and delivering customized, integrated solutions continues to be a key driver for the company's growth.

The mobility business continues to see a recovery with a focus on new segments and customers.

''During the quarter, demand from the auto industry remained stressed due to a shortage of semiconductors. Seconf wave of the COVID19 pandemic has resulted in delays of new projects."

''Further, we continued to see a sharp increase in fuel costs... We are optimistic of continuing growth with the upcoming festive season and aim to sustain our focus on delivering technology-enabled, integrated solutions,'' Swaminathan said.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Thursday, October 28, 2021, 03:54 PM IST
Advertisement