Mahindra Logistics reported a seventh straight quarterly loss on October 21, hurt by higher freight and warehousing costs. Its consolidated net loss widened to Rs 11 crore in the second quarter ended Sept. 30 from a loss of Rs 9.3 crore.
Revenue from operations rose 11.5% to Rs 1,521 crore.Total expenses climbed 10.7% to Rs 1,528 crore, led by a 12.2% rise in operating expenses.
Mahindra Logistics, the logistics arm of the tech-to-tractor firm Mahindra Group, has been plagued by higher expenses, stiff competition in India’s $342-billion logistics market and losses related to the acquisition of express cargo firm Rivigo.
Analysts at Elara Capital had expected the company to start tightening its expenses to reach its goal of breaking even in business-to-business segment by mid-fiscal 2025. The share of Mahindra Logistics closed at Rs 490 up by 0.48% on Monday.44