Mahindra Logistics, the supply chain arm of business conglomerate Mahindra Group, has seen a revenue decline of 6 percent during the first nine months of the current fiscal. The company recently announced its consolidated financial results for the quarter and nine months ended on December 31, 2019 which earmarks revenue going down from Rs. 2837 crore to Rs. 2659 crore in the nine month period. In the third quarter, there was a drop of 7 percent in earning against the corresponding period last year – from Rs. 981 crore to Rs. 908 crore.
With the auto sector ( the stronghold vertical of Mahindra Logistics) reeling under its worst performance in the last two decades, the company has reported its non-Auto supply chain businesses growing by 12% over Q3 FY19. It has claimed strong quarter for Ecommerce vertical, driven by higher demand during the festival peak. Furthermore, it has witnessed sustained momentum in consumer and pharma markets driven by customer wins and increased share of business. Commenting on the performance, Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, “We continue to demonstrate resilient performance despite the challenging environment in the auto sector. While our efforts to grow our business in the Auto vertical remain on track, we continue to deliver strong growth in EComm and Consumer businesses. During the quarter, we continued to see benefits from cost reduction and productivity improvement initiatives. We are increasing our capabilities and remain focused on expanding our value added services and solutions offerings to our customers.”