Mahindra Logistics Q2 net up 38% to Rs 19.1 crore
PTI | Nov 1, 2018, 16:53 IST
Representative imageMUMBAI: Mahindra Logistics on Thursday posted a 38.2 per cent rise in September quarter net to Rs 19.1 crore on margin expansion.
The Mahindra group's logistics arm had posted a net profit of Rs 13.8 crore in the year-ago period.
Its overall revenues grew by 10.9 per cent to Rs 927.4 crore for the reporting period, against Rs 835.9 crore in the previous year.
However, the gross margin widened to Rs 75.6 crore from the year-ago's Rs 63.3 crore, which helped push up the profit.
Its chief executive Pirojshaw Sarkari explained that the margin expansion has been achieved on operation optimisation.
"We continue to remain optimistic on the growth potential of the sector. We are encouraged by the government plans and actions for improving the logistics sector," he said.
The company's scrip closed down 1.96 per cent at Rs 538.65 apiece on the BSE, as against a marginal 0.03 per cent correction in the benchmark.
The Mahindra group's logistics arm had posted a net profit of Rs 13.8 crore in the year-ago period.
Its overall revenues grew by 10.9 per cent to Rs 927.4 crore for the reporting period, against Rs 835.9 crore in the previous year.
However, the gross margin widened to Rs 75.6 crore from the year-ago's Rs 63.3 crore, which helped push up the profit.
Its chief executive Pirojshaw Sarkari explained that the margin expansion has been achieved on operation optimisation.
"We continue to remain optimistic on the growth potential of the sector. We are encouraged by the government plans and actions for improving the logistics sector," he said.
The company's scrip closed down 1.96 per cent at Rs 538.65 apiece on the BSE, as against a marginal 0.03 per cent correction in the benchmark.
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