Mahindra Logistics’ (MLL) Q1FY24 EBITDA was in line with our estimates; however, it was 3.3% below consensus estimates. Key points: 1) Overall revenue grew 7.8% YoY led by growth in both SCM and mobility businesses on the back of improved performance in 3PL and network services; 2) freight-forwarding business continues to face headwinds YoY.