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Mahindra sales plummets for Q1, Profits nearly wiped out by 94 %

Mahindra & Mahindra saw its Q1 profit plummeting as the Covid-19 pandemic disrupted its supply chain. The company’s net profit fell to a steep 94 % decline to Rs 54.64 crore in the first quarter-end on June 2020 in comparison to a net profit of Rs 894.11 crore in the same period last fiscal. The Indian auto major on Wednesday pointed the sharp fall in sales up to 55% for the 94% loss in profit.

The company had sold 42,547 vehicles in June last year. Revenue from operations during the quarter under review stood at Rs 16,321.34 crore against Rs 26,041.02 crore in the year-ago period, down 37 %.

The automotive segment posted a revenue of Rs 6,508.6 crore in the first quarter, down from Rs 13,547.84 crore in the same period a year ago. The farm equipment segment’s revenue was Rs 4,906.92 crore against Rs 6,077.9 crore in the same quarter last fiscal

The group’s operations and financial results for the quarter have been adversely impacted because of 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.

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