Mahindra Logistics Net Profits Drop; Shares Down

Shares in Mahindra Logistics Dropped 1 per cent, following a drop in net profits. The company reported standalone net profit of Rs 15.77 crore for the quarter ended December 31, 2019 as compared to Rs 19.15 crore in the same period last year, registering a year-on-year decline of 17.65 per cent.

Net revenue of the company declined moderately by 8.61 per cent at Rs 858.01 crore in October-December quarter of this fiscal as against Rs 938.82 crore in the corresponding period last year.

During October-December quarter, operating expenses dropped by 9.70 per cent to Rs 817.67 crore from Rs 905.54 crore in year ago period.

Other Income grew by 6.29 per cent at Rs 1.52 crore versus (Dec'18 Rs 1.43 crore).

Operating Profit surged by 21.21 per cent to Rs 40.34 crore as against Rs 33.28 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 32.77 per cent in December quarter.