Mahindra Logistics (MAHLOG) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue increased 14.1% year-over-year to INR 1,594.2 crore, led by strong order intake, contract logistics, and last mile delivery, with continued volume growth in cross-border and stable warehousing yields.

• Automotive segment saw strong performance in passenger vehicles and EVs, while commercial vehicles and two-wheelers were muted; consumer durables and room air conditioning posted robust growth, and telecom benefited from tariff increases and 5G investments.

• Unaudited consolidated and standalone financial results for Q3 and nine months ended 31 December 2024 were approved and reviewed by the Board and auditors, with no material misstatements reported.

• Focused on expanding offerings in transportation and green logistics, with new warehousing additions in western and eastern India and ongoing margin expansion initiatives.

• Whizzard consolidation contributed to significant growth in last mile delivery segment.

Financial highlights

• Q3 FY25 consolidated revenue reached INR 1,594.2 crore, up 14.1% year-over-year; gross margin for Q3 was 9.2%, with EBITDA at INR 73.7 crore (up 40.9% year-over-year), and consolidated net loss at INR 9.03 crore, narrowing from INR 17.41 crore in Q3 FY24.

• Standalone revenue for Q3 FY25 was INR 1,326.85 crore, with PAT at INR 11.62 crore.

• Express business revenue was INR 89.1 crore, with PAT loss reduced to INR 24.8 crore.

• 9M FY25 consolidated revenue grew 12% year-over-year to INR 4,535.32 crore; EBITDA rose 20% to INR 206 crore, with net loss reduced to INR 29.1 crore from INR 41.9 crore in 9M FY24.

• Consolidated EBITDA margin for Q3 FY25 was 4.62%, up from 3.74% in Q3 FY24; basic EPS for Q3 FY25 at -1.25, improved from -2.42 in Q3 FY24.

Outlook and guidance

• CPL business is well positioned for growth with a strong order board and new projects in the pipeline; focus remains on integrated logistics, margin expansion, and technology-driven growth.

• Express business expects positive momentum from ongoing initiatives, aiming for EBITDA break-even in two quarters.

• Targeting 18% return on equity by FY26, with continued emphasis on digital platforms, customer service, and non-M&M business expansion.

• White space in warehousing expected to reduce to 700,000–1,000,000 sq ft by Q1 next year as new contracts are executed.

• The company continues to focus on growth in supply chain management and enterprise mobility services, with ongoing investments in joint ventures and technology.