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Mahindra Logistics Ltd. continued to report its normalised performance at pre-Covid-19 levels in its auto segment (28% YoY growth due to weak base and QoQ largely flat).
However, the non-auto segment declined QoQ (down 16% QoQ, up 29% YoY due to weak base), which the management has clarified was affected by seasonality (non-festive season), indicating the growing importance of e-commerce and flex-warehousing solutions in its revenue mix.
Enterprise mobility solutions continued to face headwinds due to lower utilisation of buses by companies, as most employees continued to work from home.
Due to a change in product mix, margins stayed unchanged YoY (contracted 40 basis points QoQ) to 4.7%.
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