Mahindra and Mahindra posts massive drop in profit in Q1

  • Mahindra earned 6,508.6 crore in the first quarter by selling its vehicles, less than 50 per cent of what it did a year ago.
In the domestic market, Mahindra's sales were down 35% to 24,211 units last month compared to 37,474 units in July 2019. (REUTERS)
In the domestic market, Mahindra's sales were down 35% to 24,211 units last month compared to 37,474 units in July 2019.

Homegrown diversified group Mahindra & Mahindra on Friday reported 94 per cent decline in consolidated profit at 54.64 crore for June quarter 2020, adversely impacted by the Covid-19 pandemic.

The company had posted a profit after tax of 894.11 crore in the same period last fiscal, M&M said in a regulatory filing.

Revenue from operations during the quarter under review stood at 16,321.34 crore as against 26,041.02 crore in the year-ago period, down 37 per cent, it added.

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The automotive segment posted a revenue of 6,508.6 crore in the first quarter, down from 13,547.84 crore in the same period a year ago, the company said.

Also Read : Mahindra sales dip 36% at 25,678 units in July

Farm equipment segment's revenue was 4,906.92 crore as against 6,077.9 crore in the same quarter last fiscal.

Revenue from financial services stood at 3,031.69 crore as compared to 2,822.03 crore in first quarter last year.

Hospitality segment recorded a revenue of 294.26 crore as compared to 612.49 crore in the same period a year ago, the company added.

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The Group's operations and financial results for the quarter have been adversely impacted due to the Covid-19 pandemic and the consequent lockdown, due to which operations were suspended for part of the quarter and gradually resumed with requisite precautions, M&M said.

It said its standalone profit after tax for the first quarter was at 112.1 crore as against 2,313.82 crore.

Standalone revenue from operations for the quarter was at 5,602.18 crore as compared to 12,922.72 crore in the year-ago period.

First Published Date: 07 Aug 2020, 15:50 PM IST
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