M&M posts Q4 loss of Rs 3,255 crore on write-down of Ssangyong investment
Mumbai (Maharashtra) [India], June 12 (ANI): Mahindra & Mahindra on Friday reported a consolidated net loss of Rs 3,255 crore for the January to March quarter compared to a net profit of Rs 969 crore in the corresponding quarter of previous year.
ANI
Jun 12, 2020 17:52 IST
Mumbai (Maharashtra) [India], June 12 (ANI): Mahindra & Mahindra on Friday reported a consolidated net loss of Rs 3,255 crore for the January to March quarter compared to a net profit of Rs 969 crore in the corresponding quarter of previous year.
Revenue of the company declined by 35 per cent in Q4 FY20 to Rs 9,005 crore from Rs 13,808 crore in Q4 FY19.
These were affected due to the lower industry volumes in both automotive and tractor segments, transition to BS-VI norms and the abrupt lockdown due to Covid-19 situation.
Profit after tax was primarily impacted due to the write-down of investment in Ssangyong and some other international subsidiaries.
"As announced earlier, Mahindra board had decided not to infuse any fresh capital into Ssangyong and is re-examining the business outlook of other international subsidiaries, in view of the current environment to decide on future capital allocation," the company said.
In general, the automobile industry was adversely impacted in March because of the nationwide lockdown due to coronavirus outbreak.
However, Mahindra & Mahindra managed to increase its market share in the domestic tractor market to 39.1 per cent in Q4 FY20, a growth of 3.7 per cent over the corresponding quarter last year.
The board of directors has recommended a dividend of Rs 2.35 (47 per cent) per share of face value Rs 5 (previous year Rs 8.50 per share).
(ANI)
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