mahindra Mahindra Logistics Limited

Arena Space, 10th & 11th Floor,

LOGISTICS Plot No. 20, Jogeshwari Vikhroli Link Road,
Near Majas Bus Depot, Jogeshwari (East),
Mumbai – 400060, Maharashtra.
Tel: +91 22 6836 7900
Email: enquiries@mahindralogistics.com
www.mahindralogistics.com
CIN: L63000MH2007PLC173466

Ref: MLLSEC/105/2024 22 July 2024

To,
BSE Limited, National Stock Exchange of India Ltd.,
(Security Code: 540768) (Symbol: MAHLOG)
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street, Fort, “G” Block, Bandra-Kurla Complex,
Mumbai - 400 001 Bandra (East), Mumbai – 400 051

Dear Sirs,

Sub:Earnings Presentation for the first quarter ended 30 June 2024 - Regulation 30 and other
applicable provisions of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulation, 2015 (“SEBI Listing Regulations”)

Please find enclosed herewith the Earnings Presentation inter-alia, encompassing an overview of the
Company, its operations and the Unaudited Financial Results for the first quarter ended 30 June 2024,
subjected to Limited Review.

This intimation and the earnings presentation are also being uploaded on the Company’s website and
can be accessed at the weblink: https://mahindralogistics.com/investor-interaction/presentations/

For Mahindra Logistics Limited

JIGNESH
Digitally signed by: JIGNESH
ASHOK PARIKH
DN: CN = JIGNESH ASHOK
ASHOK PARIKH C = IN O =
PERSONAL

PARIKH Date: 2024.07.22 23:29:41 +

05'30'

Jignesh Parikh
Company Secretary

Enclosure: As above

Reg Office: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018

Igniting Success ►►
mahindra Igniting Success
LOGISTICS

THANK YOU -14

RISING BEYOND: •

CONNECTING INDIA

Mbilt/ -7 40144•,

Q1 FY25 Investor Presentation

Business & Earnings Update
JULY 2024 1
 Igniting Success*

Safe Harbor

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Mahindra Logistics Limited (the
“Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or
subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No
offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the
Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company
makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness,
fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the
information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly
excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that
are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not
limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the logistics industry
in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and
expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market
preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or
achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no
obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third
parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and
projections.

mahindra
LOGISTICS .. Confidential 2
 Igniting Success*

Company Overview

mahindra
LOGISTICS .. Confidential 3
 Igniting Success*

Purpose Vision
THANK YOU
ACCELERATING RISE to be a Rs. 10,000 crore logistics
COMMERCE
service provider by FY 2026; delivering
EMPOWERING exceptional customer experience through
COMMUNITIES TO
differentiated, technology enabled solutions
RISE

is4 •

Confidential 4
 Igniting Success

Integrated supply chain logistics provider

-*
Contract Logistics B2B Express
Providing Transportation, B2B express and PTL
Warehousing, Stores & Line Feed , transportation with pan
Fulfillment and VAS services India coverage

mahindra
A LOGISTICS
V
glr
‘‘
te
Last Mile Delivery Freight Forwarding
Facilitates delivery to customers of Cross border freight forwarding
major e-com players and building business with expertise in
India’s largest 3W EV fleet ocean as well as air freight

mahindra
LOGISTICS .. Confidential 5
 Igniting Success

Multi service provider for mobility solutions

I
I
0 0
V& Az
Employee Transportation 1 AA Airport Services
Providing end-to-end employee 1 4
transportation services
Al 4
Dedicated booking counter
with Kerb-side pickup
4 4
s mahindra v
Oft LOGISTICS 6d
47
4k gsf
qk dr
44 t
t C ‘

On Call Services Outstation

Customized hourly packages Flexible Rental packages with
pan India presence

mahindra
LOGISTICS .. Confidential 6
 Igniting Success fl

Leading logistics service provider

20 Mn+ 27,000+ 1,100+

" Sq. ft. space under Total workforce Locations across
management across India India

•
S •
19,000+ 1,750+ 50+
Oi Pin-codes EV fleet Global trade
covered (Cargo + PV) lanes
1119-91-.01.-
otailiaa
- a . et si „al CIO
or

' •
•
• WI m g, nom. ••• a • am as 42,000+ 20 Mn+ 10,000+
Q s
9
7E:.\, Full Truck Trips Green km driven Ocean freight
/
per month per year TEUs per annum
.1.

~11 crore 3.6 Mn+ 1,500+

Packages delivered Sq.ft. space with Business associates
per month renewable energy network

mahindra
LOGISTICS Values as of Q1 FY25 .. Confidential 7
 Igniting Success

Macros are stable, continue to be driven by technology enhancements and sustainable

logistics
Industry Trends

Changing Channel Emerging demand Government policy Shift in global trade Higher demand for
landscape driven by clusters across Tier II support for logistics flows due to China+1 Integrated Solutions
changing customer / III cities NLP, ULIP, ONDC strategy
behavior

Technology Shaping operations and decisions

-••••m••••-

Sustainability – Drive to net zero

mahindra
LOGISTICS .. Confidential 8
 Igniting Success*

MLL Strategy

3PL > Integrated Solutions

Strategic Platforms

Grow in profitable markets ▪ Increase focus on TCO vs purchased cost

▪ Create a MOAT with clients

▪ Access higher share-of-wallet

1 2 3 4

Expand Integrated Operations Digitization

Offerings Solutions Excellence & Expand Network Services
Innovation

▪ Express B2B

▪ Global Freight Forwarding

Customer Focus Business Partner Network ▪ Last Mile Delivery

Strategic Enablers
Asset Light Model Great Place to Work
▪ EV Cargo

mahindra
LOGISTICS .. Confidential 9
 Igniting Success

Presence in High Growth Segments (End-Markets)

Auto
& 01
▪
▪
▪
India is 4th largest automobile market in the world
Favorable ecosystem for exports & government support
25% contribution in contract logistics market
CA I:
Hero
Auto Components

▪ 10% contribution in contract logistics market

FMCG / Durables/ 02 ▪ Durables is growing at a 22% CAGR, to reach $22 Bn by 2025 P&G 0O
Retail
▪ Govt support through allocation of $976 Mn in PLI schemes 0

Industrial & ▪ Demand driven by investments, capacity creation in core sectors

Engineering 03 ▪ Government Initiatives - 100% FDI, Make in India GiiIfI €1. 0 0 0
BOSCH
▪ FY23-24 budget outlay of $120 Bn in infrastructure
I

Ecommerce
04
▪
▪
▪
Fastest growing industry in India, with a CAGR of 25%
Ecom growth has led to rise in D2C & Last Mile Delivery
Significant outsourcing in FCs, SCs & Dark Store management
zomato
4 amazon
MYPIT61-
ED
Mobility
▪
Wipro Spectramind

05 Air travel is back to pre-covid levels

▪ Office leasing is expected to grow at 20% CAGR HCL Allianz
NVIPRO airtel
▪ Corporate employees are gradually moving to work from office

mahindra Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only
LOGISTICS .. Confidential 10
 Igniting Success*

Business Updates

mahindra
LOGISTICS .. Confidential 11
 Igniting Success

Management Commentary

Mr. Rampraveen Swaminathan – Managing Director and CEO

“Despite the muted demand environment, the quarter gone by saw healthy order booking in
3PL and cross border business. The cross-border business saw good traction, driven by a
growth in demand for inbound ocean cargo. The Mobility, Last Mile Delivery and auto
outbound logistics business 2x2, continued their improvement journey and delivered a
healthy performance. Earnings were impacted due to extended start-up costs, coupled with
higher manpower and Warehousing lease costs. The Express business was impacted by
lower volumes, which was offset by our cost optimization initiatives. We expect to see strong
improvement in the overall operating performance in later part of the year”

mahindra
LOGISTICS .. Confidential 12
 Igniting Success*

Business Highlights – Q1 FY25

Contract Logistics B2B Express Freight forwarding Last Mile Delivery Mobility

-..-,-.---
01 02 03 04 05
II I

III
111
I
111

0
460
410
410

▪ Overall revenue at Rs. 1,093 ▪ Overall revenue at Rs. 89 ▪ Overall revenue at Rs. 80
▪ Overall revenue at Rs. 87
crore, largely flat QoQ crores, up 10% QoQ crores, largely flat QoQ
crore, down 11% QoQ ▪ Overall revenue at Rs. 71
▪ Gross Margin flat QoQ ▪ Gross Margin up 32% ▪ Gross Margin down 8%,
▪ Drop in volumes vs. Q4, crores, up 12% QoQ
▪ Healthy growth in warehouse QoQ QoQ
yield remains stable ▪ Gross Margin up 15% QoQ
& solutions revenue, up 14% ▪ Non Ecom revenue ▪ Moderation in revenue due
▪ Improvement in operating ▪ Upward trend in cross border
YoY. doubled compared to Q4 to lower-than-expected
cost, recovery behind plan freight rates​
▪ Healthy order intake, focus offtake
▪ Growth in micro fulfilment
speed of execution business ▪ Supply shortage still a
major concern

mahindra
LOGISTICS Revenue after intercompany eliminations .. 13
Confidential
 Igniting Success

Contract Logistics - Key Trends & Opportunities

9
Logistics Sector Industry Structure Key Trends

oovto°°'° 2,400 ▪ Highly fragmented with top 10

▪ Higher Demand for Integrated
Solutions instead of piece-meal
players having ~15% share
Market Size (Rs. ‘000 Crore)

1,400 logistics services

▪ Emerging consumption centers

FY20 FY26 E ▪ ~65% of the sector constitutes of
driving new fulfilment models and
transportation
hubs in Tier 2 / 3 cities

Contract logistics Business

Vio ▪ Rise of Multi-modal logistics with
150 ▪ Road transport accounts for
Gati-Shakti & National Logistics
nearly ~75% of transportation
Policy
68

▪ 3PL penetration in India is just ▪ Technology & Automation have

FY20 FY26 E 5% vs. global average of 10% become critical differentiators

Source: Internal analysis, secondary research reports

mahindra
LOGISTICS .. Confidential 14
 Igniting Success

Contract Logistics - Core competency & capabilities

fv4 End to End transport

Warehousing solution Integrated Solutions
solutions

Manage WH with expertise in Centralized management Single point of contact

design and operations of all transportation for E2E logistics

Efficient Space Improved Dispatch

Cost Optimization
Utilization Plan
TMS enabled load I Visibility on inbound and
High density racking, consolidation, route
warehouse design outbound trucks,
optimization
resources accordingly
mobilized
High Productivity • __r:„I; L_IL Consignment
Mechanization and tech, Visibility
process improvements TMS with track & Addn. cost synergies
trace, alerts/updates Ability to consolidate
Full Inventory Visibility L« more loads, ad-hoc
WMS integrated with SLA Adherence orders – reduced courier
client ERP r 4. Faster deliveries through
superior BA network and
tech interventions Improved utilization of

•
VAS
Re-Packing, kitting,
labelling, co-packing
100% Compliance
Safety, Statutory
101 customer resources
Lower focus and time on
non-core functions
compliance

mahindra
LOGISTICS .. Confidential 15
 Igniting Success

Contract Logistics - Operating Highlights

( Space under
management
19.0 +
Mn. Sq. Ft.

Vehicles Deployed

17,000+
Trucks
Per month
t-
Operating
locations
400+

Business
Associates
1,500+ I
AMP
Loos 'Gs

mahindra
LOGISTICS Values as of Q1 FY25 .. Confidential 16
 Igniting Success

1.3 million sq.ft. BTS WH under development across key demand clusters

Guwahati – 3 Lakh sq. ft. Kolkata – 4.5 Lakh sq. ft.

LOGISTICS
mahlndra T .?

/IV/
UMW

'N,l[arionlaria 1 i lAVANZric
7.5 lakh sq. ft. Diu
IE. ARP

to Go-Live in
Q2 FY25 ;....r _IF

AV*,aluppirm
•

Nashik – 3 Lakh sq. ft. Phaltan (Phase-1) – 3.2 Lakh sq. ft.

ROUND BREAKING
("FRE a
UWA L LOGISTICS

6.2 lakh sq. ft.

;
to Go-Live in
Q4 FY25 - ---z...w„4"•
4 ?r,
e. 4444,if" , .7aka

mahindra .4

LOGISTICS .. Confidential 17
 Igniting Success

B2B Express - Key Trends & Opportunities

B2B Express (Surface) Industry Structure Key Trends

ob,

24,000
▪ Increasing demand for Direct to
▪ Organized players account for
Consumer, Omni-channel
14,000
~70% of volume
fulfillment
Market Size (Rs. Crore)

▪ Skewed load distribution, ~70% ▪ Push for automation & process

FY22 FY26 E
load is originated from North & standardization to improve
West India service quality

B2B Express (Air)

▪ Auto & Engineering (30%), Pharma ▪ High adoption by MSMEs & small
oio
(14%), Apparel & Lifestyle (13%) brands – Increased reach at
4,350
are major end-markets lower cost
3,200

▪ Increase in demand from smaller

▪ Air express is being increasingly
towns, share of tier-2&3 cities to
FY22 FY26 E used by corporates to deliver
reach ~50% by 2025
Source: Aviral consulting, Indian chamber of commerce, Internal Analysis
mahinclra
LOGISTICS Values as of Q1 FY25 .. Confidential 18
 Igniting Success*

B2B Express - Core competency & capabilities

•
Significant Network Coverage
•
•
t.
•
AMOla
••
• ▪ Pan India coverage - 19,000+ Pin-codes
•. . ▪ 260+ Processing Centers & Branches
•
• • • • •

9 ..
• •
• •
•
•
•
▪ 400+ partners for first mile & last mile connectivity
• • •

•
.9 • ••
AMOT1
• •
• • • HM1- 1

.9•
cars

• awn.

• •
•
• •
•

• • • Best in class technology suite

• Cr:

•
Wr
• •
•
•
▪ ERP integrations for minimum manual interference​

• •
▪ Billing technology for faster and accurate billing
.•
▪
•
• In-house automated sales management tool
• Processing centers •••

mahindra Note: Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness
LOGISTICS .. Confidential 19
 Igniting Success

B2B Express - Operating Highlights

Pin-code reach
RIVIGO Lt
mallindra LOGISTICS

19,000+ RIVIGO AIM

Direct + ODA Space under

management
1.5
Mn. Sq. Ft.
0 •

•
• platiliS . ••

Transhipment Hubs
& DCs
200+ Line Hauls & Mid-
mile
1,100+ •
RIVIGO
inahlridr%Losisna
Trucks

mahindra ODA: Other than Delivery Area

LOGISTICS Values as of Q1 FY25 .. Confidential 20
 Igniting Success

Freight Forwarding - Key Trends & Opportunities

Freight Forwarding Industry Structure Key Trends

-V.
GP,G1 ▪ Highly fragmented, largely ▪ Near shoring on account of regional
64,000
dominated by companies with conflicts, reducing dependence on

1
45,600
turnover of < Rs.100 Cr China (China+1 strategy)
Market Size (Rs. Crore)

▪ Top trading partners of India – ▪ PLI Scheme to boost

US, China, UAE, Europe manufacturing in many sectors,
FY22 FY26 giving rise to exports

Ocean & Air Freight Split

▪ Few large players have presence ▪ Multiple trade agreements to
38% in major markets, small & mid- drive trade
sized players use agent network
62%
-•••••....MIL .M...---
.A

▪ Rise of SaaS based Freight

Forwarders
• Ocean • Air

Source: TVS SCS, Delhivery DRHP, Internal Analysis

mahindra
LOGISTICS .. Confidential 21
 Igniting Success*

Freight Forwarding - Core competency & capabilities

Expanding International
Air Freight Ocean Freight Project Logistics
presence

r ma sly
-4t vrt
mai d'

► Ocean consolidation: USA ► ODC solutions catering to ► Expand presence in

► Airport-to-Airport
/Europe /Asia to & from diverse industries China, UK, UAE
► Door-to-Door
India ► Oil & Gas ► Develop Air chartering
► Expertise in OD, DG
► Direct FCL’s: All over the ► Mining business
shipments
world ► Access to Europe via UK
► Renewables
► Control on TAT
► Special equipment and office
► Engineering &
► Advance & EPCG license breakbulk handling
liaison Manufacturing
► Controlling more than
► Single window solution on 13,250 TEU's per annum
customers clearance
► Committed Space and
Equipment

mahindra
LOGISTICS .. Confidential 22
 Igniting Success

Freight Forwarding - Operating Highlights

"?.
• Oy

• f It

Ocean Freight Rate

Index .p

Ocean Freight
~ 56% up Volume • A e

vs Q1 FY24
~3,000
TEUs per quarter

Air Freight Volume

ar
No. of Forwarding
~900 Lanes
d
60.
!...1 ...wh

Tons per quarter

50+
Globally

4 a- V - lie f

mahindra
LOGISTICS Values as of Q1 FY25 .. Confidential 23
 Igniting Success

Last Mile Delivery - Key Trends & Opportunities

9
Last Mile Delivery, India Industry Structure Key Trends

▪ Last Mile is most expensive ▪ High growth in Micro fulfillment,

Olo
36,500
component of supply chain, ~50% sub same day delivery and dark
contribution in transportation cost store management
Market Size (Rs. Crore)

15,000

▪ Highly complexity coupled with ▪ Rapid Last mile Fleet

high service level requirements electrification; Demand dispersion
FY22 FY26 E & faster TAT expectations
LMD Segmentation by
End-markets
▪ High competition from startups & ▪ ONDC likely to disrupt LMD space
12%
18% 40% hyperlocal players

30%
▪ Different types of models in place – ▪ Increasing internet penetration,
Shift from Delivery as a Service to leading to rise in D2C & Quick
• FMCG • Ecom Retail • Others Distribution & Fulfilment solutions commerce
Source: Redseer Consulting Report, Internal Analysis
mahindra
LOGISTICS .. Confidential 24
 Igniting Success*
Last Mile Delivery – Strengthening our leadership position in EV

Vehicle as a Service

• Offer a fleet of vans (with drivers) to customers who

then use it as per their requirement

Distribution as a Service ;sr

'OM TO rr
------
4

• Manage Last mile stations that receive, process, -$421.141124.5;7i; rY

'- 1411
Anwa

'•
F • • • _
sort, route, allocate and do doorstep deliveries •r

Delivery as a Service
epei
Mahindra

• Offer fleet of bikes/ vans that pickup orders from

customers distribution Centers and do deliveries

Fulfilment as a Service
• Manage Micro fulfilment center that holds inventories,
processes orders and does distribution from it

mahindra
LOGISTICS .. Confidential 25
 Last Mile Delivery - Operating Highlights

,14

Volume handled ,
fir' 11
350,000+
orders per day Fleet Deployed \
e
llahl

6,000+
Vehicles per day NE
I / /

Last Mile stations

200+ Geographic Reach eD. eL eneL

4,000+ •

Pin-codes
Pan-India
las

••,••• •*.

Note - LMD includes Whizzard

mahindra
LOGISTICS Values as of Q1 FY25 .. Confidential 26
 Igniting Success

Mobility - Key Trends & Opportunities

Enterprise Mobility Industry Structure Key Trends

20,000
▪ Highly fragmented with large ▪ Recovery in Air passenger traffic,
14,000
unorganized supply growth in Business travel
Market Size (Rs. Crore)

Ili ▪ Shift from vendor model to ▪ Increasing adoption of organized

FY23 FY26 E
complete mobility solutions cab services over traditional taxi
provider

Airport
7,200 ▪ ITES, BPO & BFSI are the major ▪ Increasing demand for EV Fleet,
end-markets for enterprise with push from government &

L
5,000 mobility solutions incumbents alike
-•••••...,M, .M...---
.A

▪ Lack of adequate public

infrastructure & increased traffic
FY23 FY26 E congestion

mahindra
LOGISTICS .. Confidential 27
 Igniting Success

Mobility - Core competency & capabilities

- 44

• UPI=
O.
ea ,

4ar

11.11 "
we_

Enterprise Mobility Services Cab on Demand Services Airport & Outstation Upkeep Services

▪ Fleet Management ▪ Semi Luxury Vehicle Options ▪ Assured Vehicles for Airport Transfers ▪ Fleet Management
▪ Adherence to OTA & OTD ▪ Mobile App Enabled Booking ▪ Comfort and Convenience ▪ Lowest TAT at Remote location
▪ 24 x 7 Call Centre ▪ Flexible Rental Packages ▪ 24 x 7 Call Centre ▪ 24 x 7 Call Centre
▪ Trained Drivers ▪ 24 x 7 Call Centre ▪ Multi Channel Booking ▪ Client web Access
▪ Certified Drivers ▪ Certified Drivers

Compliant Fleet Service Excellence Real Time Tracking & Execution Mobile based Billing

mahindra
LOGISTICS
.. Confidential 28
 Igniting Success

Mobility - Operating Highlights

No. of Trips
10,000+
Per day
No. of vehicles
deployed
5,000+
Per day

No. of operating
locations
100+
Pan India
No. of supply
partners
Itov.
'''rt• NTT—
41_
,
14'

•811.111146•10
I Ka' 4- 1

300+
Pan India •
- r ;'
; Nirgrir. WC.41

mahindra ..
LOGISTICS Values as of Q1 FY25 29
Confidential
 Igniting Success 0

Drive to Net Zero

Carbon Neutral by 3.6 Mn Sq Feet

2040 Solar Powered Warehouses

1,600+ EV ~33.3 Million

RIO
3W and PCV Green KM with EVs
\\

5 IGBC Gold & Platinum •Ili Accreditation

MENNi
Certified buildings Ecovadis - Bronze

BRSR 22-23 4000+ Kg

Integrated Annual Report •
•
Waste Plastic Collected
ier
*NV
10•St 5.
.01071ktettrik
11 taiVitic
VASTA TOVO IL
vis si tx k 1,67,015
Trees planted
tiro'

mahindra
LOGISTICS ..Confidential 30
 Igniting Success

Corporate Social Responsibility

Categories Q1 FY25 Activities Impact

mahlrodra
LOGISTICSma,

▪ Health clinic at Nashik ▪ 33,273 community beneficiaries Y.

Building ▪ Blood Donation camps ▪ 3,306Kg+ plastic waste recycled

E.

Communities fl
▪ Zero Fatality Zone project ▪ ESOPs: 25,950 hours

▪ Swachh Bharat Abhiyan ▪ Volunteers: 5297

• I •
▪• o .f

• ni •

"OW

▪ 61 beneficiaries
▪ Skill Development – Project with :2

Education ▪ ESOPs – 510 hrs

• ,

Logistic Skill Council CoE

▪ Volunteers: 45

mahindra
LOGISTICS Confidential 31
 Igniting Success

Awards and Recognition

No 1 Ranking by ISCM in Logistics Industry ET SCM Summit

•

ECM
I oghitrs Top t ISCY
Ranking:024 1
Logistics Champions
alp.-
ET ET

mallindra
TCI allcargo Digit? 6 1;5 Mill 'I
LOGISTICS M3
4/ 01.0

mahindra
LOGISTICS .. Confidential 32
 Igniting Success*

Financial Update

mahindra
LOGISTICS .. Confidential 33
 Igniting Success*

Quarterly Revenue Performance by Segment (Consolidated)

Figures in Rs. Cr
1,451 1,420
1,365 1,397
1,328 1,330 79
1,293 84 80
1,273 86 81
63 65 57 89
1,200 55 60 76 79 48 63
54 60 71
57 79 44 47 97
106 77 88 96 87
42 73
51 91
109 105 85
47

1089 1100 1131 1093

1053 1035 1005
945 975

Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25

• Contract Logistics • B2B Express Freight Forwarding • Last Mile Delivery Mobility

mahindra
LOGISTICS Revenue after intercompany eliminations ..Confidential 34
 Igniting Success*

Financial Highlights – Q1 FY25

a

Core Business Consolidated

( MLL + Lords + Mobility) ( Including Rivigo acquisition)

Revenue GM Revenue GM

INR 1,302 Cr. INR 1,420 Cr. INR 136 Cr.

INR 135 Cr.

PAT EBITDA PAT

EBITDA

INR 14 Cr. INR 66 Cr. INR -9 Cr.

INR 76 Cr.

mahinclm
LOGISTICS Revenue after intercompany eliminations ..Confidential 35
 Igniting Success

Segment wise Financials

All figures in INR crore

SCM Mobility
•
-2% 10% 2% 1%
Revenue from
Operations

1,340 80
1,372 1,214 78 79 80
1,340

Q4FY24 Q1FY25 Q1FY24 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

SCM Mobility
•
0% 0% C-8% > -10%
Gross Margin

128 127 127 127 9 • 9

8 8

Q4FY24 Q1FY25 Q1FY25 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

mahindra
LOGISTICS Revenue after intercompany eliminations ..Confidential 36
 Igniting Success*

SCM Financials (1/2)

All figures in INR crore

Contract Logistics B2B Express

C D-
-3% 9% -11% 2%
Revenue from
Operations

1,131 1,093 1,093 97 85 87

1,005 87

Q4FY24 Q1FY25 Q1FY24 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

Contract Logistics B2B Express

-3% -7% 5% 54%

Gross Margin

123 120 128 120

-6 -6 -6

-13
Q4FY24 Q1FY25 Q1FY24 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

mahinclm
LOGISTICS Revenue after intercompany eliminations ..Confidential 37
 Igniting Success*

SCM Financials (2/2)

All figures in INR crore

Freight Forwarding Last Mile Delivery

12%
C -7%D 4 10% 87%
Revenue from
Operations

71 77
63 71 89 89
81

48

Q1FY24 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

Q4FY24 Q1FY25

Freight Forwarding Last Mile Delivery

FM 15% -9% 32% 106%

Gross Margin

7 7 7
6 8 7
5
3

Q4FY24 Q1FY25 Q1FY24 Q1FY25 Q4FY24 Q1FY25 Q1FY24 Q1FY25

mahindra
LOGISTICS
Revenue after intercompany eliminations .. 38
Whizzard’ status changed from Associate to consolidated entity w.e.f.Confidential
Dec 23rd, 2023
 Igniting Success*

WH realisation remains flat, yield impacted due to pre-operating cost of new launches

r Warehousing Realisation (Rs. per sq. ft. per month) Warehousing Yield (Rs. per sq. ft. per month)

7.5
50.3 50.2
49.5 6.2
6.0

OE'
Q1 FY24 Q4 FY24 Q1 FY25 Q1 FY24 Q4 FY24 Q1 FY25

Note:
1. Warehousing realisation includes sold inventory to the customers, excludes express processing centres and hubs
mahindra 2. Yield calculation as per Pre-Ind AS Gross Margin
LOGISTICS Confidential 39
 Igniting Success*

Entity wise results

Q1 FY25 Financial Performance Q1FY25 vs Q4FY24

Revenue EBITDA PAT

Particulars (in INR Cr.)
Q1 F25 Q4 F24 Q1 F25 Q4 F24 Q1 F25 Q4 F24

MLL Standalone 1156.7 1183.3 71.6 63.9 10.2 7.9

Lords Freight 71.1 63.4 2.2 1.0 1.8 1.2

MLL Mobility 81.3 80.7 2.1 3.2 1.7 2.3

MLL Express 89.2 97.2 -13.7 -14.9 -24.6 -25.0

2x2 Logistics 15.1 14.6 3.9 3.3 1.7 1.1

V-Link - - -0.2 -0.4 -0.3 -0.4

Whizzard 37.7 32.0 0.4 0.3 0.2 0.1

Consolidated 1420.0 1450.8 66.3 56.6 -9.3 -12.9

Consolidated figures are after inter-company elimination & exceptional items

mahindra
LOGISTICS ..Confidential 40
 Igniting Success*

Entity wise results

Q1 FY25 Financial Performance Q1FY25 vs Q1FY24

Revenue EBITDA PAT

Particulars (in INR Cr.)
Q1 F25 Q1 F24 Q1 F25 Q1 F24 Q1 F25 Q1 F24

MLL Standalone 1156.7 1050.9 71.6 83.2 10.2 23.0

Lords Freight 71.1 76.8 2.2 1.6 1.8 1.6

MLL Mobility 81.3 81.1 2.1 -0.5 1.7 -1.8

MLL Express 89.2 84.3 -13.7 -18.6 -24.6 -29.4

2x2 Logistics 15.1 13.2 3.9 1.2 1.7 0.1

V-Link - - -0.2 -0.3 -0.3 -0.3

Whizzard 37.7 - 0.4 - 0.2 -0.2

Consolidated 1420.0 1293.2 66.3 66.6 -9.3 -8.6

Consolidated figures are after inter-company elimination & exceptional items

mahindra
LOGISTICS ..Confidential 41
 Igniting Success*

Consolidated Income Statement

Particulars Q1FY25 Q4FY24 Q-o-Q Q1FY24 Y-o-Y
Revenue 1420.0 1450.8 -2% 1293.2 10%
Other Income 5.7 2.9 6.2
GM 135.5 136.9 -1% 135.9 0%
GM (%) 10% 9% 11%
Total Overheads 69.3 80.3 69.3
EBITDA 66.3 56.6 17% 66.6 -1%
EBITDA (%) 5% 4% 5%
Depreciation
- Fixed Assets 18.5 19.0 19.6
- Lease (IND AS) 36.4 32.2 34.9
EBIT 17.0 8.2 107% 18.3 -7%
Finance Cost
- Finance Charge 9.4 8.9 8.0
- Lease (IND AS) 10.1 8.5 9.8
Exceptional Items - - -
PBT -2.5 -9.2 0.6
Tax 5.3 2.7 8.9
PAT (before JV) -7.8 -11.9 -8.3
PAT (after JV and NCI) -9.3 -12.9 -8.6
PAT (%) -1% -1% -1%
Basic EPS (in Rs.) -1.29 -1.78 -1.19
mahindra Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 3. EBITDA is excl. Other Income
LOGISTICS .. Confidential 42
 Igniting Success*

Outlook & Priorities

mahindra
LOGISTICS .. Confidential 43
 Igniting Success 4
Building blocks in place to achieve the vision

Grow Integrated logistics business

Leverage acquisitions to unlock growth

Focus on margin expansion through productivity

improvement

•
fa
•
NMI
- • Build on Technology & Automation to become
critical differentiators

mahindra
LOGISTICS .. Confidential 44
 44 ssappris Sup.!ugi

Path to Value Creation

Path to Value
Path to ROE Core Growth
41lir Creation 4 -41*
-4111*

110441•4‘>, Leadership in contract

Rivigo Turnaround Monetize investments
logistics

44 Leverage synergies
between core business Integrated solutions Digital Platform
& acquisitions

Customer service
Margin expansion Partnerships
is excellence
)4,

18% Return on Equity by FY26

OJOUILIOLL
SDI-I-51901
.. Confidential 45
 Igniting Success*

Contact Us

Company : Investor Relations Advisors :

mahindra sGAStrategic Growth Advisors

LOGISTICS
CIN: L63000MH2007PLC173466 CIN: U74140MH2010PTC204285
Mr. Saurabh Taneja Mr. Shogun Jain / Mr. Mandar Chavan
Chief Financial Officer shogun.jain@sgapl.net /
CFO.MLL@mahindralogistics.com mandar.chavan@sgapl.net
+91 77383 77756 / +91 96993 82195

www.mahindralogistics.com www.sgapl.net

mahindra
LOGISTICS
.. Confidential 46
 Igniting Success*

THANK YOU

mahindra
LOGISTICS
Corporate Office
10 & 11 Floor, Arena Space
Plot No 20, Jogeshwari-Vikhroli Link Road,
Near Majas Depot, Jogeshwari (East)
mahindre LOGISTICS
Mumbai- 400 060
Maharashtra, India
+lords RIVIGO C.MERU
C.I.N: L63000MH2007PLC173466
Email:
enquiries@mahindralogistics.com a/2
LOGISTICS
alyte WHI:ARD
Website :
www.mahindralogistics.com

Confidential 47