Mahindra Logistics (MAHLOG) shares jumped 8% to a day’s high of Rs 420 after Q1 profit swung positive on strong revenue growth in June.

The Mumbai-based logistics firm reported a consolidated net profit of Rs 25.4 crore for the quarter ended 30 June, against a net loss of Rs 10.8 crore a year earlier.

Revenue from operations rose 23% to around Rs 2,003 crore, while total income came in at Rs 2,012.71 crore. EBITDA climbed 51% to about Rs 115 crore, and margins widened to 5.76% from 4.70%.

The growth wasn’t confined to one part of the business. Contract logistics revenue grew 26%. The express delivery arm grew 58% year-on-year, marking its fourth straight quarter of improving margins.

Mobility, which handles vehicles and drivers for corporate clients, expanded 38%. Even the smaller last mile delivery unit turned EBITDA-positive against a loss last year, despite its revenue dipping as the company trimmed some low-margin accounts.

Warehouse space under the company’s management grew too, up to 21.9 million square feet. Managing Director and CEO Hemant Sikka said the quarter reflected the company’s shift ‘from a transformation phase to a growth phase’.

Separately, the board approved the appointment of Vimal Agarwal as internal auditor, effective the same day. By 14:33 pm, Mahindra Logistics had eased off its highs to trade at Rs 396.95 on the NSE, still up 2.48% for the day.

That’s comfortably above Wednesday’s close of Rs 387.35, and the stock is now up over 24% for the year so far. It had touched a 52-week high of Rs 450 back in April.

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