M&M’s Q2 net profit falls 88%, revenue up 6%

Mumbai, Nov 10 : Mahindra & Mahindra (M&M) on Tuesday reported 88 per cent fall in its net profit due to exceptional items, for the July-September quarter at Rs 162 crore.

During the same period last year, the company had reported a net profit of Rs 1,355 crore.

“The exceptional items on account of impairments have led to a drop in the profit after tax in the current quarter as compared to the corresponding quarter in the previous year,” the company said in a statement..

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Net profit of the company before exceptional item stood at Rs 1,311 crore.

The consolidated revenue of M&M and Mahindra Vehicle Manufacturers Ltd (MVML) stood at Rs 11,590 crore during the period under review, 6 per cent higher on a year-on-year (YoY) basis.

“The company on the back of its strong performance in tractors combined with its ruthless focus on cost has achieved a very high OPM and the Profit after Tax (before exceptional item) in Q2 F2021 is just 3 per cent lower than Q2 F2020, despite a substantial fall in other income in the current quarter as compared to the previous year quarter,” it said.

Disclaimer: This story is auto-generated from IANS service.

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