Mahindra Logistics Q1 Results Review – Inine; Express Business Continues To Struggle: Motilal Oswal

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Motilal Oswal Report

Mahindra Logistics Ltd. Q1 FY25 revenue grew ~10% YoY to Rs 14.2 billion (in line). Ebitda margin came in at 4.7% (versus our estimate of 4.5%), down 50 basis points YoY but up 80bp QoQ. Ebitda was flat YoY at Rs 663 million (in line) in Q1 FY25.

Mahindra Logistics posted adjusted. net loss of Rs 93 million in Q1 FY25 versus adjusted net loss of Rs 86 million in Q1 FY24 (our estimate of Rs 19 million profit). The higher tax outgo hit APAT.

The supply chain management recorded a revenue of Rs 13.4 billion (+10.4% YoY) and an Ebit loss of Rs 42 million. Enterprise Mobility Services reported a revenue of Rs 800 million (+0.7% YoY) and an Ebit of Rs 17 million.

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