Capitaline

Sales of Supply Chain Management segment has gone up 10.40% to Rs 1,340.02 crore (accounting for 94.37% of total sales). Sales of Enterprise Mobility Service segment fell 1.40% to Rs 80.00 crore (accounting for 5.63% of total sales).
PBIT of Supply Chain Management reported loss of Rs 4.20 crore compared to profit of Rs 2.23 crore. PBIT of Enterprise Mobility Service reported profit of Rs 1.70 crore compared to loss of Rs 1.66 crore.
PBIT margin of Supply Chain Management segment fell from 0.18% to 0.31%. PBIT margin of Enterprise Mobility Service segment rose from negative 2.05% to 2.13%. Overall PBIT margin fell from 0.04% to -0.18%.

Full year results analysis.

Net sales (including other operating income) of Mahindra Logistics has increased 7.36% to Rs 5505.97 crore. Sales of Supply Chain Management segment has gone up 6.37% to Rs 5,177.92 crore (accounting for 13.44% of total sales). Sales of Enterprise Mobility Service segment rose 12,692.70% to Rs 33,334.00 crore (accounting for 86.56% of total sales).

PBIT of Supply Chain Management reported loss of Rs 28.17 crore compared to profit of Rs 153.80 crore. PBIT of Enterprise Mobility Service segment fell 58.12% to Rs 1.78 crore (accounting for -6.74% of total PBIT).

PBIT margin of Supply Chain Management segment fell from 3.16% to 0.54%. PBIT margin of Enterprise Mobility Service segment fell from 1.63% to 0.01%. Overall PBIT margin fell from 3.08% to -0.07%.

Operating profit margin has declined from 5.07% to 4.16%, leading to 11.83% decline in operating profit to Rs 229.04 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 0.13% to 0.01%. Employee cost increased from 6.91% to 7.35%. Other expenses rose from 87.89% to 88.48%. Other direct service cost fell from 85.41% to 85.14%.

Other income rose 12.93% to Rs 17.9 crore. PBIDT fell 10.40% to Rs 246.94 crore. Provision for interest rose 32.17% to Rs 68.16 crore. Loan funds declined from Rs 834.05 crore as of 31 March 2023 to Rs 739.29 crore as of 31 March 2024. Sundry debtors were higher at Rs 701.90 crore as of 31 March 2024 compared to Rs 652.49 crore as of 31 March 2023. Cash and bank balance declined from Rs 126.23 crore as of 31 March 2023 to Rs 71.07 crore as of 31 March 2024. Investments declined from Rs 99.87 crore as of 31 March 2023 to Rs 5.86 crore as of 31 March 2024.

PBDT fell 20.20% to Rs 178.78 crore. Provision for depreciation rose 10.28% to Rs 208.99 crore. Fixed assets declined from Rs 829.13 crore as of 31 March 2023 to Rs 568.13 crore as of 31 March 2024. Intangible assets increased from Rs 4.33 crore to Rs 284.30 crore.

Profit before tax reported loss of Rs 30.21 crore compared to profit of Rs 34.54 crore. Share of profit/loss was 63.44% higher at Rs -1.02 crore. Provision for tax was expense of Rs 25.68 crore, compared to Rs 7.12 crore. Effective tax rate was negative 93.69% compared to 22.43%.

Equity capital increased from Rs 71.98 crore as of 31 March 2023 to Rs 72.04 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 58.03% as of 30 June 2024 ,compared to 58.04% as of 30 June 2023 . Promoters’ stake was 58.04% as of 31 March 2024 ,compared to 58.09% as of 31 March 2023 .

Cash flow from operating activities increased to Rs 226.86 crore for year ended March 2024 from Rs 119.40 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 70.94 crore, compared to Rs 71.03 crore during the year ended March 2023.

Quarter ended

Year ended

Particulars

202406

202306

Var.(%)

202403

202303

Var.(%)

Net Sales (including other operating income)

1,420.02

1,293.22

9.80

5,505.97

5,128.29

7.36

OPM (%)

4.67

5.15

-48 bps

4.16

5.07

-91 bps

66.28

66.63

-0.53

229.04

259.76

-11.83

Other Inc.

5.67

6.18

-8.25

17.90

15.85

12.93

PBIDT

71.95

72.81

-1.18

246.94

275.61

-10.40

Interest

19.49

17.78

9.62

68.16

51.57

32.17

PBDT

52.46

55.03

-4.67

178.78

224.04

-20.20

Depreciation

54.96

54.46

0.92

208.99

189.5

10.28

PBT

-2.50

0.57

-30.21

34.54

Share of Profit/(Loss) from Associates

-0.16

-1.02

-2.79

63.44

PBT before EO

-2.5

0.41

-31.23

31.75

EO Income

3.82

PBT after EO

-2.5

0.41

-27.41

31.75

Taxation

5.34

8.87

-39.80

25.68

7.12

260.67

PAT

-7.84

-8.46

7.33

-53.09

24.63

Minority Interest (MI)

1.48

0.09

1,544.44

1.65

-1.65

Net profit

-9.32

-8.55

-9.01

-54.74

26.28

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

-9.32

-8.55

-9.01

-54.74

26.28

EPS (Rs)*

-0.41

-1.19

65.26

-4.47

3.65

* EPS is on current equity of Rs 72.05 crore, Face value of Rs 10, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

Quarter ended

Year ended

% of (Total)

202406

202306

Var.(%)

% of (Total)

202403

202303

Var.(%)

Sales

Supply Chain Management

94.37

1,340.02

1,213.76

10.40

13.44

5,177.92

4,867.72

6.37

People Transport Solution

0.00

Enterprise Mobility Service

5.63

80.00

81.14

-1.40

86.56

33,334.00

260.57

12,692.70

Total Reported Sales

100.00

1,420.02

1,294.90

9.66

100.00

38,511.92

5,128.29

650.97

Less: Inter segment revenues

0.00

1.68

5.29

0.00

Net Sales

100.00

1,420.02

1,293.22

9.80

100.00

38,506.63

5,128.29

650.87

PBIT

Supply Chain Management

168.00

-4.20

2.23

106.74

-28.17

153.80

People Transport Solution

0.00

Enterprise Mobility Service

-68.00

1.70

-1.66

-6.74

1.78

4.25

-58.12

Total PBIT

100.00

-2.50

0.57

100.00

-26.39

158.05

Less : Interest

0.00

4.34

Add: Other un-allcoable

0.00

-119.17

PBIT Margin(%)

Supply Chain Management

-0.31

0.18

-49.72

-0.54

3.16

-370.36

People Transport Solution

0.00

Enterprise Mobility Service

2.13

-2.05

417.08

0.01

1.63

-162.57

PBT

100.00

-2.50

0.57

100.00

-26.39

34.54