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Mahindra & Mahindra quarterly profit nearly wiped out

Mahindra & Mahindra saw its quarterly profit nearly wiped out as the Covid-19 pandemic hit the supply chain. The company’s net profit fell 94 per cent year-on-year to Rs 54.64 crore in the quarter ended June 2020 against a net profit of Rs 894.11 crore in the same period last fiscal.

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 per cent.

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.