NEW DELHI: Mahindra & Mahindra on Friday posted a consolidated net loss of Rs 3,255 crore for the quarter ended March 31. It had reported a net profit of Rs 969 crore in the corresponding quarter last year.
Analysts in an ETNow Poll had projected a profit of Rs 441 crore.
Revenue of the company declined 35 per cent YoY to Rs 9,005 crore during the quarter under review. The board also recommended a dividend of Rs 2.35 per share.
Bottomline of the company took a hit due to one-time loss of Rs 3,577.64 crore in Q4FY20.
PAT after exceptional items was primarily impacted due to write down of investment in Ssangyong and some other international subsidiaries”.
“As announced earlier Mahindra Board had decided not to infuse any fresh capital into Ssangyong and is re-examining the business outlook of other international subsidiaries, in view of the current environment, to decide on future capital allocation,” Mahindra & Mahindra said in a release.
In general, the automobile industry was adversely impacted in March because of the nationwide lockdown due to Covid-19 outbreak.
However, Mahindra & Mahindra managed to increase its market share in the domestic tractor market to 39.1 per cent in Q4F2020, a growth of 3.7 per cent over the corresponding quarter last year.
On a standalone basis, M&M posted a net loss of Rs 2,502 crore in Q4FY20 over a net profit of Rs 849 crore in Q4FY19.
Shares of the company traded 0.46 per cent down at Rs 472 after the announcement of corporate results, while the benchmark BSE Sensex was down 195 points, or 0.58 per cent at 33,343.
