Mahindra logistics reports loss in Q1, cites higher expenses, weak demand - Republic World

Mahindra Logistics, the freight carrier of Mahindra Group, reported a loss of Rs 85.5 million ($1.04 million) in the first quarter due to higher expenses and weak demand. Consolidated total expenses rose by nearly 10% to Rs 12.99 billion. The company had warned of a slowdown in e-commerce and consumer markets, as well as external factors like global economic turmoil and unseasonal rain. However, it expects demand to improve in FY24 as normalcy returns to office operations. Its enterprise mobility services segment saw a 39% surge to Rs 794.6 million.

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