Mahindra Logistics' consolidated reported net profit slumped 59% to Rs 9.80 crore on 20% decline in net sales to Rs 811.76 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax dropped 62.4% to Rs 13.43 crore in Q4 March 2020 as against Rs 35.70 crore in Q4 March 2019. Current tax expenses tumbled 74% to Rs 3.37 crore in Q4 March 2020 over Q4 March 2019.
Commenting on the Q4 result, Rampraveen Swaminathan, the managing director (MD) and chief executive officer (CEO) of Mahindra Logistics, has said: "Q4 2019-20 was a challenging period, with continued softness in auto sector and the onset of the COVID-19. The nation-wide shutdown of industries, facilities and movement of goods has had an impact on logistics, transportation & mobility. "During the quarter, we continued to execute our strategy and delivered strong growth in ecommerce, consumer and freight forwarding. Our Non-M&M warehousing and value-added business grew by 24% during the year. We remain focused on delivering value through customized solutions, operational excellence and enhanced digitization. We are closely tracking the impact of COVID-19 on the economy. As things continue to evolve, we are working along with our customers and partners to ensure safety and ramp up of operations," he added.
Mahindra Logistics is an end-to-end logistics solution and service provider. The logistics solution of the company includes transportation and distribution; warehousing, in-factory logistics and value added customised services to its clients. ML operates in two distinct business segments, supply chain management (SCM) and corporate people transport solutions (PTS).
Shares of Mahindra Logistics gained 0.79% to Rs 256.70 on BSE. The stock traded in the range of Rs 248.05 to Rs 261.45 so far.
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