Mahindra and Mahindra posts massive drop in profit in Q11 min read . Updated: 07 Aug 2020, 03:50 PM IST
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.
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.
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.
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.
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