On Friday Mahindra & Mahindra group reported 94 per cent decline in consolidated profit at 54.64 crore for June quarter 2020 due to the adverse impact of COVID-19 pandemic.
The last fiscal of same period the company had posted a profit after tax of Rs894.11 crore, M & M said in a regulatory filing. A year- ago Rs 26,041.02 crore was Comapany revenue against which revenue from operations during this quarter under review stood at Rs 16,321.34 crore. decline of 37 per cent, it added.
The company said that the automotive segment posted a revenue of Rs 6,508.6 crore in the first quarter, seen decline of Rs 13,547.84 crore in the same period a year ago. Farm equipment segment’s revenue was Rs 4,906.92 crore as against Rs 6,077.9 crore in the same quarter last fiscal.
Compare to Rs 2,822.03 crore in the first quarter of last year the revenue of financial services stood at Rs 3,031.69. 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 operation and financial results for the quarter is severely affected by COVID-19 pandemic and is the consequent of lockdown, further due to this operation was cancelled for the part of quarter and gradually resumed with essential precautions, said M&M.
It said it’s standalone profit after tax for first quarter was at Rs 112.1 crore as against Rs 2,313.82 crore. standalone revenue from operation for the quarter was at Rs 5,602.18 compared to Rs 12,922.72 crore a year ago.
