India

• Reuters

• Updated On Apr 22, 2025 at 10:59 AM IST

Mahindra Logistics, which has grappled with losses from the 2022 acquisition of express commerce firm Rivigo, said its core losses in the segment narrowed to 116 million rupees for the fourth quarter from 149 million rupees a year earlier.

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India’s Mahindra Logistics reported a smaller quarterly loss on Monday, helped by growth in its key contract logistics division and a narrower loss in its express commerce segment.

It reported a consolidated net loss of 67.5 million rupees ($793,045) for the January-March period – its ninth consecutive quarterly loss – compared to a loss of 128.5 million rupees a year earlier. Total expenses rose 7.4% to 15.71 billion rupees.

Its revenue from operations rose 8% to 15.70 billion rupees.

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KEY CONTEXT

Mahindra Logistics, which has grappled with losses from the 2022 acquisition of express commerce firm Rivigo, said its core losses in the segment narrowed to 116 million rupees for the fourth quarter from 149 million rupees a year earlier.

Revenue from its mainstay contract logistics business, meanwhile, rose 9% year-on-year.

India’s $342 billion logistics sector remains highly competitive, with firms such as Blue Dart and Delhivery ramping up spending to attract clients and fend off pressure from the in-house logistics divisions of e-commerce giants like Amazon and Walmart-backed Flipkart.

PEER COMPARISON

Valuation (next 12 Estimates (next 12 Analysts’ sentiment

months) months)

RIC PE EV/EBITDA Revenue Profit Mean No. of Stock to Div

growth (%) growth (%) rating* analyst price yield

s target** (%)

Mahindra Logistics 37.69 6.42 15.13 – Sell 10 0.86 0.84

Blue Dart Express 36.55 15.84 11.97 48.29 Buy 6 0.85 0.39

VRL Logistics 22.11 8.59 10.05 21.80 Strong 9 0.74 1.03

Buy

Delhivery 64.78 28.99 15.48 151.59 Strong 20 0.70 –

Buy

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

— All data from LSEG

— $1 = 85.1150 Indian rupees