The lockdown conditions during the larger part of the first quarter during the current fiscal is also reflecting in the first quarter results of leading firms in the logistics space.
Mahindra Logistics, the 3PL arm of business conglomerate Mahindra Group, has reported a massive 54.39 percent drop in the revenue in the first quarter – Rs 410 crore as against Rs 899 crore in the same quarter last year. The consolidated loss of the company also slipped in negative territory – Rs 17 crore during Q1. As against this, the company had registered a consolidated profit of Rs 19 crore in the same quarter last year.
Rampraveen Swaminathan, CEO and MD, Mahindra Logistics, commented, “In these challenging conditions, the company has delivered a resilient performance with strong customer retention, cost reduction and improved cash flows.”
“We witnessed sequentially improving May & June, while the demand remains below pre-Covid-19 levels in most end markets,” he further added.