Mahindra and Mahindra dips post Q3 numbers
Revenue from operations during the quarter fell 6 percent YoY to Rs 12,120.3 crore.
February 10, 2020 / 09:52 AM IST
Mahindra and Mahindra (M&M) slipped over 1 percent in early trade on February 10 after the company reported its December quarter numbers on February 8.
The company has registered a massive 72.8 percent year-on-year (YoY) fall in Q3FY20 profit due to one-time impairment provision.
The bottomline fell to Rs 380.19 crore for the quarter ended December 2019, from Rs 1,395.96 crore in same period last year, company said, adding excluding exceptional and one-off items, the profit stood at Rs 934 crore against Rs 877 crore, a growth of 7 percent YoY.
M&M said exceptional items in standalone financial results of Rs 600.56 crore for the quarter represented provision for impairment of certain investments.
Revenue from operations during the quarter fell 6 percent YoY to Rs 12,120.3 crore, with a 6.2 percent decline in automotive business and 7.7 percent fall in the farm equipment segment.
M&M sold 1.23 lakh vehicles in the quarter ended December 2019, down 8 percent YoY and 81,435 tractors, down 6 percent YoY.
At 09:18 hrs Mahindra and Mahindra was quoting at Rs 560.85, down Rs 7.95, or 1.40 percent on the BSE.