Mahindra & Mahindra Q1 profit falls 94 pc at Rs 55 cr

New Delhi: Homegrown diversified group Mahindra & Mahindra on Friday reported 94 per cent decline in consolidated profit at Rs 54.64 crore for June quarter 2020, adversely impacted by the COVID-19 pandemic.

The company had posted a profit after tax of Rs 894.11 crore in the same period last fiscal, M&M said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 16,321.34 crore as against Rs 26,041.02 crore in the year-ago period, down 37 per cent, it added.

The automotive segment posted a revenue of Rs 6,508.6 crore in the first quarter, down from Rs 13,547.84 crore in the same period a year ago, the company said.

Farm equipment segment's revenue was Rs 4,906.92 crore as against Rs 6,077.9 crore in the same quarter last fiscal.

Revenue from financial services stood at Rs 3,031.69 crore as compared to Rs 2,822.03 crore in first quarter last year.

Hospitality segment recorded a revenue of Rs 294.26 crore as compared to Rs 612.49 crore in the same period a year ago, the company added.

The Group's operations and financial results for the quarter have been adversely impacted due to the COVID-19 pandemic and the consequent lockdown, due to which operations were suspended for part of the quarter and gradually resumed with requisite precautions, M&M said.

It said its standalone profit after tax for the first quarter was at Rs 112.1 crore as against Rs 2,313.82 crore.

Standalone revenue from operations for the quarter was at Rs 5,602.18 crore as compared to Rs 12,922.72 crore in the year-ago period.

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