Integrated logistics company Mahindra Logistics announced a significant rise in consolidated net loss for the quarter ended March 31 by Rs 12.9 lakh crore compared to the corresponding period of the last financial year.

However, its revenue for the January-March quarter rose nearly 14 per cent to Rs 1,451 crore compared to Rs 1,273 crore in Q4 FY23. .

For the full year of FY24, the company's revenue stood at Rs 5,506 crore compared to Rs 5,128 crore, registering a growth of 7.37 percent. However, the company reported a net loss of Rs 54.7 crore compared to a profit of Rs 26.3 crore in FY23.

During the quarter, Mahindra Logistics' 3PL chain service offering increased by 14 percent year-on-year. . For the full year, it posted 7 percent growth driven by growth in the automotive, engineering and consumer segments.

The freight and express businesses continued to show volume improvements during the sequential quarter. The rapid transit business continued the positive trend in network and cost optimization, the company said.

“The strong quarter of demand in mobility and across the 3PL supply chain was driven by growth in consumer goods, engineering and automotive,” he said.

In addition, the 3PL business had 20 million square feet of warehouse space under management. The company is currently expanding into Chakan, Kolkata, Nasik and Guwahati.

“Last quarter was marked by further volume and growth recovery as we saw positive momentum across our businesses, with strong growth in 3PL and mobility segments. Our agile business-to-business (B2B) business commenced in Seeing the benefits of cost optimization, as we continue to improve operating margins and EBITDA, Rampravin Swaminathan, Managing Director and CEO, Mahindra Logistics, said: “The mobility sector remains on a recovery path.”

He also stated that in a way. Overall In FY23-24, excluding one-time charges, earnings across our core 3PL and other businesses remained stable and improving.

During the year, Mahindra Logistics completed the second tranche of stake purchase in Whizzard/Zip Zap. Logistics (a last-mile delivery company) in December 2023. MLL now holds a 60 percent stake in the company. The acquisition is expected to complement MLL and Edel's existing delivery businesses and help achieve deeper penetration.

"The completion of the tranche. The second investment in Zip Zap Logistics will help us further enhance and provide an expanded range of last-mile delivery and partial fulfillment services. “We remain focused on driving value in logistics solutions by integrating services across India, leveraging our technology, processes and human capital,” Swaminathan added.