Mahindra Logistics Q3 - Express' Subpar Performance Negatively Impacts The Overall Performance: Motilal Oswal

Motilal Oswal Report

Mahindra Logistics Ltd.'s Q3 FY24 revenue grew ~5% YoY to Rs 13.9b (6% below estimates). Ebitda margin came in at 3.7% (versus estimate of 4.4%) in Q3 FY24 (down 100 basis points YoY and down 20 bp QoQ). Ebitda declined ~17% YoY to Rs 522 million (versus estimate of Rs 646 million) during the quarter.

Mahindra Logistics posted a net loss of Rs 212 million in Q3 FY24 versus adjusted profit after tax of Rs 14 million in Q3 FY23 (our loss estimate was Rs 3 million).

The company’s Ebitda and profit after tax were adversely impacted by Mahindra Logistics Express’s weak performance (Rivigo B2B express business) and high tax outgo. The division reported elevated Ebitda loss of Rs 224 million in Q3 FY24.

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