Mahindra & Mahindra Q1 revenue falls 94% at Rs 55 crore

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NEW DELHI: Homegrown diversified group Mahindra & Mahindra on Friday reported 94 per cent decline in consolidated revenue at Rs 54.64 crore for June quarter 2020, adversely impacted by the Covid-19 pandemic.
The firm had posted a revenue after tax of Rs 894.11 crore in the identical interval final fiscal, M&M stated in a regulatory submitting.
Revenue from operations throughout the quarter below overview stood at Rs 16,321.34 crore as towards Rs 26,041.02 crore within the year-ago interval, down 37 per cent, it added.
The automotive phase posted a income of Rs 6,508.6 crore within the first quarter, down from Rs 13,547.84 crore in the identical interval a 12 months in the past, the corporate stated.
Farm gear phase’s income was Rs 4,906.92 crore as towards Rs 6,077.9 crore in the identical quarter final fiscal.
Revenue from monetary companies stood at Rs 3,031.69 crore as in comparison with Rs 2,822.03 crore in first quarter final 12 months.
Hospitality phase recorded a income of Rs 294.26 crore as in comparison with Rs 612.49 crore in the identical interval a 12 months in the past, the corporate added.
The Group’s operations and monetary outcomes for the quarter have been adversely impacted as a result of Covid-19 pandemic and the resultant lockdown, as a result of which operations had been suspended for a part of the quarter and progressively resumed with requisite precautions, M&M stated.
It stated its standalone revenue after tax for the primary quarter was at Rs 112.1 crore as towards Rs 2,313.82 crore.
Standalone income from operations for the quarter was at Rs 5,602.18 crore as in comparison with Rs 12,922.72 crore within the year-ago interval.

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