Mahindra Logistics appoints new CFO, shares gain

An integrated logistics and mobility solutions provider, Mahindra Logistics offers supply chain solutions to industries such as Automotive, Consumer Goods, Pharmaceuticals, E-commerce, amongst others.

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Shares of Mahindra Logistics opened less than one percent higher on August 31, a day after the global logistics firm announced the appointment of a new chief financial officer and head of LMD and strategy. Shares of Mahindra Logistics closed at Rs 391.15 on August 30.

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In a regulatory filing, Mahindra Logistics said that the board of directors had approved appointments for Saurabh Taneja as Chief Financial Officer and key managerial personnel of the company. His appointment will be effective from September 1. Additionally, Ashay Shah has been appointed as Senior Management Personnel and Head – LMD & Strategy, effective October 1.

As of 10:30 am, the stock was trading at 391.05

In another filing, the company also said that it had received two orders from the State tax department imposing a total penalty of Rs 2.7 for alleged excess input tax credit availed by the company in FY18 and FY19. In the filing, the company said that  it was "hopeful of a favourable outcome at the next adjudicating authority level/tribunal/appellant level and does not reasonably expect the said orders to have any material financial impact on the Company."

For Q1FY24, the Mumbai-based logistics company reported a 7.7 percent year-on-year (YoY) increase in revenue to Rs 1,293 crore. Earnings before interest, tax, depreciation and amortisation grew by 5.8 percent YoY to Rs 73 crore in the quarter ending June 2023. The net profit declined by 30 percent YoY to Rs 9 crore for Q1FY2024.

An integrated logistics and mobility solutions provider, Mahindra Logistics offers supply chain solutions to industries such as Automotive, Consumer Goods, Pharmaceuticals, E-commerce, amongst others.

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