Mahindra & Mahindra Q1 consolidated net loss after tax at Rs 332 cr
.jpg)
Mahindra & Mahindra on Friday reported a consolidated net loss after tax from continuing and discontinued operations at Rs 331.74 crore in the first quarter ended June 30.
The company had posted a consolidated net profit after tax from continuing and discontinued operations at Rs 54.64 crore in the first quarter last fiscal, M&M said in a regulatory filing.
Consolidated revenue from operations stood at Rs 19,171.91 crore, as against Rs 11,969.04 crore in the same period last fiscal, it added.
M&M said it has ceased consolidating Ssangyong Motor Co (SYMC) as a subsidiary from December 28, 2020 and has classified it as discontinued operations for all periods presented.
SYMC has applied to the Bankruptcy Court in South Korea for rehabilitation proceedings and has been admitted in the Autonomous Rehabilitation Support (ARS) program.
During the quarter, the company said the automotive segment had a revenue of Rs 6,050 crore, while the farm equipment segment clocked revenue of Rs 5,319 crore.
The company said it sold a total of 85,858 vehicles in the first quarter, up from 29,619 units in the year-ago period.
Total tractor sales stood at 99,127 units in the first quarter, as against 65,195 units in the same period last fiscal, it added.
"Our focus on operational efficiency and financial discipline gives us the confidence that our core performance will continue. Our Farm business delivered yet another exemplary quarter result, while our auto business showed demand recovery," M&M Ltd Managing Director & CEO Anish Shah said.
M&M Ltd Executive Director Rajesh Jejurikar said the company has embarked on the "journey of bold, aggressive growth with a good start in Q1 FY2022".
While the farm equipment segment continued to deliver robust performance both in terms of market share and financial metrics, the demand for key automotive products also remains strong, he added.
With the upcoming launch of XUV700, Jejurikar said the company plans "to ride on the festive season with strong volume growth aided by rebound in Indian economy".
However, he said, "commodity inflation and semiconductor supply issues continue to be of concern.
Other Latest News
.webp)
Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
.webp)
The Andhra Pradesh government has repealed the two-child norm for candidates contesting local body elections. The state assembly on Monday passed the AP Panchayat Raj (Amendment) Bill, 2024, and the AP Municipal Laws (Amendment) Bill, 2024, effectively removing the decades-old restriction, reported NDTV.
The two-child policy was introduced in May 1994, mandating that candidates seeking election to Gram Panchayats, Mandal Praja Parishads, and Zilla Parishads should not have more than two children.
.webp)
Police have registered a case against four unidentified persons on charges of attempt to murder after NCP (SP) leader and former Maharashtra home minister Anil Deshmukh was seriously injured in stone pelting at his car in Nagpur, officials said on Tuesday.
The incident took place at around 8 pm on Monday and Deshmukh was later admitted to a private hospital in Nagpur.
.webp)
Amid alarmingly high pollution levels in Delhi, Environment Minister Gopal Rai on Tuesday urged the Centre to convene an emergency meeting to tackle the issue and said it is the moral responsibility of Prime Minister Narendra Modi to intervene in the matter.
Addressing a press conference, Rai said the Centre has not acted on the Delhi government's repeated requests to allow artificial rain in the national capital and he will again write to Union Environment Minister Bhupender Yadav.
.webp)
The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
.webp)
.webp)
.webp)
.webp)
.webp)
