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Logistics, Sustainability

Mahindra Logistics received validation from Science Based Targets Initiative (SBTi) to reduce carbon emissions

Mahindra Logistics Ltd. (MLL), one of India’s largest Integrated Logistics service providers, announced that Science Based Targets Initiative (SBTi) has validated its target to reduce carbon emissions and the company remains on course to meet its long-term sustainability goals. This achievement of Carbon Reduction Targets has been set in line with the level of reduction needed to limit global warming to 1.5°C, as per the Paris Agreement. This is an important milestone towards the company’s ambitious aim of being carbon neutral by 2040. Mahindra Logistics is incidentally the few companies in the logistics sector to get this validation from SBTi and is working towards achieving its sustainable goal by 2040.

MLL had signed an agreement with SBTi last year and has managed to accomplish the set standards targeted in the first year. By joining the initiative in 2021, MLL signalled its intention to align its targets to the most ambitious aim of the Paris Agreement: To limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero by 2050 for the best chance of avoiding the worst impacts of climate change.

Commenting on the same, Rampraveen Swaminathan, MD and CEO, Mahindra Logistics said, “Mahindra Logistics is deeply committed to sustainability, in line with our RISE philosophy. Joining SBTi is part of our focus on creating a transparent journey towards carbon neutrality, which can be aligned with clear programmes and initiatives. This milestone is a validation of our commitment and plan to become a carbon neutral by 2040.”

Mahindra Logistics has undertaken several sustainable initiatives, focused on carbon neutrality, circularity and resource conservation. As part of the same, a robust electric ecosystem is developed for its supply chain and enterprise mobility businesses. The company has also been driving adoption of CNG based cargo and mobility vehicles across partner fleets. Additionally, MLL is investing in circularity, energy efficiency and renewable energy and is establishing new facilities which comply with IGBC/LDEED certification standards and aims to have over 1 MW of solar power in its warehouses by the end of FY2022-23.

Mahindra Logistics received validation from Science Based

Company News, Finance

The company also reported PBT of Rs 7 crores as compared to Rs 25 crores in Q3 last year

Mahindra Logistics Limited (MLL), one of India’s large 3PL solutions providers, has announced its consolidated financial results for the quarter ended on December 31, 2021 with revenue at Rs 1118 crore as compared to Rs 1047 crore in Q3 last year and EBITDA at Rs 50 crore against Rs 55 crore last year.

The company also reported PBT Rs 7 crores as compared to Rs 25 crores in Q3 last year and PAT Rs 5 crores compared to Rs 18 crores last year. For the nine months in FY22 revenue was Rs 3010 crore as compared to Rs 2290 crore last year and EBITDA at Rs 149 crore against Rs 101 crore.

Further the company reported that the revenue from warehousing services and solutions in the quarter grew 35 per cent over the same period last year underlining the focus on solutions-led approach to customer’s requirements.

Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, “The quarter gone by was a challenging one. Demand from the auto sector continued to be impacted due to semi-conductor supplies; and the festive season too saw moderate growth. We continued to deliver strong revenue performance, especially across Consumer, Pharma and International freight forwarding. Our margins saw pressure due to seasonal manpower costs, lower than expected demand and start-up costs for new projects. The focus continues to be on optimising operating costs. We remain focused on delivering technology driven, integrated solutions for enterprise customers.”

The company also reported PBT of Rs