Mahindra Logistics (MLL)’s 4QFY24 revenue grew by ~14% YoY to INR14.5b(in line). EBITDA margin came in at 3.9% (in line), down 100bp YoY and up20bp QoQ. EBITDA decreased 11% YoY to INR566m (in line). MLL posted anet loss of INR128m vs. INR8m in 4QFY23 (our estimate of INR6m loss).