Mahindra & Mahindra Q3 profit plunges 73% to Rs 380 crore on one-time loss

Mahindra & Mahindra Q3 profit plunges 73% to Rs 380 crore on one-time loss

M&M Q3 results: Total revenue fell by 6 per cent to Rs 12,120 crore in Q3FY20 compared to Rs 12,893 crore in the corresponding quarter of the last year

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M&M Q3 results: The auto major sold 1,23,353 vehicles compared to 1,33,508 units sold in the same quarter last yearM&M Q3 results: The auto major sold 1,23,353 vehicles compared to 1,33,508 units sold in the same quarter last year
BusinessToday.In
  • Feb 8, 2020,
  • Updated Feb 8, 2020 4:23 PM IST

Homegrown auto major Mahindra & Mahindra (M&M) on Saturday reported a 73 per cent year-on-year decline in its net profit after tax (PAT) at Rs 380 crore for the third quarter ended December 31, 2019, due to an one-time impairment provision. The company had posted a net profit of Rs 1,396 crore in the same quarter last year. The results include figures of its commercial vehicle unit, Mahindra Vehicle Manufacturers.

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"The Q3 FY20 results include a net loss on account of exceptional and one-off items of Rs 554 crore, as compared to a net gain on account of exceptional and one-off items of Rs 519 crores in Q3 FY19," M&M said in a filing to the Bombay Stock Exchange.

Total revenue fell by 6 per cent to Rs 12,120 crore in Q3 FY20, compared to Rs 12,893 crore in the corresponding quarter of the last year. The operating margin improved to 14.8 per cent as against 13.2 per cent in the same period last year.

During the October-December quarter, M&M sold 1,23,353 vehicles compared to 1,33,508 units sold in the same quarter last year, registering a decline of 8 per cent. The tractor sales declined by 6 per cent to 81,435 units in Q3 FY20 versus 87,063 units sold in Q3 FY19. In a similar trend, exports (vehicles and tractors) plunged 22 per cent to 9,633 units as against 12,363 units in the year ago period.

Homegrown auto major Mahindra & Mahindra (M&M) on Saturday reported a 73 per cent year-on-year decline in its net profit after tax (PAT) at Rs 380 crore for the third quarter ended December 31, 2019, due to an one-time impairment provision. The company had posted a net profit of Rs 1,396 crore in the same quarter last year. The results include figures of its commercial vehicle unit, Mahindra Vehicle Manufacturers.

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"The Q3 FY20 results include a net loss on account of exceptional and one-off items of Rs 554 crore, as compared to a net gain on account of exceptional and one-off items of Rs 519 crores in Q3 FY19," M&M said in a filing to the Bombay Stock Exchange.

Total revenue fell by 6 per cent to Rs 12,120 crore in Q3 FY20, compared to Rs 12,893 crore in the corresponding quarter of the last year. The operating margin improved to 14.8 per cent as against 13.2 per cent in the same period last year.

During the October-December quarter, M&M sold 1,23,353 vehicles compared to 1,33,508 units sold in the same quarter last year, registering a decline of 8 per cent. The tractor sales declined by 6 per cent to 81,435 units in Q3 FY20 versus 87,063 units sold in Q3 FY19. In a similar trend, exports (vehicles and tractors) plunged 22 per cent to 9,633 units as against 12,363 units in the year ago period.

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