Mahindra Reports Net Loss Of Rs 3,255 Crore In Q4

Mahindra & Mahindra on Friday reported a consolidated net loss of Rs 3,255 crore for the quarter ended on March 31, 2020.

The company along with Mahindra Vehicle Manufacturers Ltd had posted a net profit of Rs 969.25 crore for the January-March period of 2018-19.

The company also said that its revenue from operations declined to Rs 9,004.72 crore in the fourth quarter from Rs 13,807.88 crore in the same period last fiscal.

On the other hand, the company said it sold 86,351 vehicles in the fourth quarter, down 47 percent from 1,63,937 units sold in the fourth quarter of 2018-19.

“The industry has shrunk in both automobiles and tractors, has shifted to BS-VI, and results have been damaged due to sudden lockdowns for the COVID situation,” M&M said.

On the outlook, the company said that with the easing of restrictions there will be a ramp-up in production, supply chain, and distribution from June onwards, which will aid economic activity.