Mahindra Logistics Ltd (MLL) on Monday (October 23) reported a net loss of ₹15.5 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Mahindra Logistics posted a net profit of ₹11.9 crore, the company said in a regulatory filing.

In the quarter, the total revenue stood at ₹1,364.8 crore, up 2.9% against ₹1,326.3 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 20.7% to ₹53.6 crore from ₹67.6 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 3.9% in the reporting quarter as compared to 5.1% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Mahindra Logistics reported a 4% increase in volumes for its MLL Express business during the quarter. As for warehouse management, Mahindra Logistics continues to show a strong presence with 19 million square feet of warehouse space under its purview within the 3PL business.

The company's ongoing expansion projects in locations such as Chakan, Kolkata, Nashik, and Guwahati are progressing as planned. A notable development for Mahindra Logistics is the launch of a 6.5 lakh square feet multi-client warehouse in Bhiwandi, Mumbai.

This new facility is designed to efficiently manage fulfilment and distribution for a range of industries, including automotive, e-commerce, and FMCG (Fast-Moving Consumer Goods), the company said.

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The results came after the close of the market hours. Shares of Mahindra Logistics Ltd ended at ₹368.70, down by ₹12.55, or 3.29%, on the BSE.