“,”elements”:[]}],”thumb_big”:”https://etimg.etb2bimg.com/thumb/msid-117620172,imgsize-181112,width-1200,height=765,overlay-etauto/industry/indias-mahindra-logistics-reports-eighth-straight-quarterly-loss-albeit-narrower-in-q3.jpg”,”thumb_small”:”https://etimg.etb2bimg.com/thumb/img-size-181112/117620172.cms?width=150&height=112″,”time”:”2025-01-28 11:25:38″,”is_live”:false,”prime_id”:0,”highlights”:[],”highlights_html”:””,”also_read_available”:false,”body”:”
The analysts said that while Rivigo would remain loss-making, these would narrow in the coming quarters as volumes pick up.“>
India’s Mahindra Logistics reported a smaller quarterly loss on Monday, helped by steady demand in its third-party logistics business and narrower losses in its express commerce segment.
The logistics services provider reported a consolidated net loss – its eighth consecutive quarter – of 90.3 million rupees (USD 1.05 million) for the three months ended December 31, compared with a loss of 174.1 million rupees a year ago.
Revenue from operations in the third quarter rose 14% to 15.94 billion rupees.
Mahindra Logistics has been battling stiff competition in India’s USD 342 billion logistics market, and dealing with losses from the 2022 acquisition of express cargo firm Rivigo and higher spends – which grew 13% on-year in the quarter.
The company said that third-party logistics business, its core contract, grew 14% on-year on the back of automotive and consumer goods demand, while losses for the express business narrowed 26.5%.
Analysts had expected the company to report strong growth in its core contract business, driven by demand during India’s festival season, which coincided with the quarter.
The analysts said that while Rivigo would remain loss-making, these would narrow in the coming quarters as volumes pick up.
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The logistics services provider reported a consolidated net loss – its eighth consecutive quarter – of 90.3 million rupees (USD 1.05 million) for the three months ended December 31, compared with a loss of 174.1 million rupees a year ago.
- Updated On Jan 28, 2025 at 03:41 PM IST
The analysts said that while Rivigo would remain loss-making, these would narrow in the coming quarters as volumes pick up.“>
India’s Mahindra Logistics reported a smaller quarterly loss on Monday, helped by steady demand in its third-party logistics business and narrower losses in its express commerce segment.
The logistics services provider reported a consolidated net loss – its eighth consecutive quarter – of 90.3 million rupees (USD 1.05 million) for the three months ended December 31, compared with a loss of 174.1 million rupees a year ago.
Revenue from operations in the third quarter rose 14% to 15.94 billion rupees. Mahindra Logistics has been battling stiff competition in India’s USD 342 billion logistics market, and dealing with losses from the 2022 acquisition of express cargo firm Rivigo and higher spends – which grew 13% on-year in the quarter.
The company said that third-party logistics business, its core contract, grew 14% on-year on the back of automotive and consumer goods demand, while losses for the express business narrowed 26.5%.
Analysts had expected the company to report strong growth in its core contract business, driven by demand during India’s festival season, which coincided with the quarter. The analysts said that while Rivigo would remain loss-making, these would narrow in the coming quarters as volumes pick up.
- Published On Jan 28, 2025 at 11:25 AM IST
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