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M&M Profit
Mahindra & Mahindra Ltd on Friday reported a consolidated profit after tax of Rs 2,360.70 crore in the first quarter ended June 30, driven by strong performance of its automotive and farm sector segments. The company had posted a consolidated loss after tax of Rs 331.74 crore in the year-ago period, M&M said in a regulatory filing. Revenue from operations increased to Rs 28,412.38 crore in the first quarter this fiscal, as compared to Rs 19,171.91 crore in the corresponding period a year ago, it added. Total expenses during the quarter were higher at Rs 26,195.01 crore, as against Rs 20,286.24 crore in the same period a year ago, the company said. The automotive segment clocked revenue of Rs 12,740.94 crore in the quarter, up from Rs 6,316.79 crore in the same period last fiscal. In volume terms, the company said it sold 1,49,803 vehicles in the quarter under review, as compared to 85,858 vehicles in the year-ago period, a growth of 74 per cent. The farm equipment vertical had
Mahindra & Mahindra on Friday said it will suspend production at its automotive manufacturing plants in the ongoing quarter, ranging between 8-17 days, in order to adjust production with sales requirements. The company had earlier said in August that it would be observing no production days for 8-14 days across its automotive sector plants in the July-September quarter. The home grown auto major would suspend production for three additional days during the quarter as compared to the disclosure made on August, 9, 2019, Mahindra & Mahindra said in a regulatory filing. Besides, the company said it will observe no production days in the farm equipment sector ranging between 1-3 days by end of this month. "The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements," it added. Earlier this week, Hinduja Group flagship firm Ashok Leyland had announced 16 non-working days at its ...