In the quarter that ended on December 31, 2020, Mahindra’s consolidated net profit stood at Rs. 1,268.23 crore, a massive 42 per cent growth compared to Rs. 891.54 crore profit registered by M&M during in Q3 FY2020.
Mahindra & Mahindra (M&M) has released its financial results for the third quarter of Financial Year 2020-21. In the quarter that ended on December 31, 2020, the company’s consolidated net profit stood at ₹ 1,268.23 crore, a massive 42 per cent growth compared to ₹ 891.54 crore profit registered by M&M during in Q3 FY2020. The company’s consolidated revenue for October 2020 – December 2020 period stood at ₹ 21,625.95 crore, an 11 per cent growth compared the ₹ 19,430.29 crore revenue reported by the automaker for the same period in FY2020.
Mahindra and Mahindra has also reported that its net profit after tax, from continuing and discontinued operations stood at ₹ 704.39 crore, a massive 252 per cent growth compared ₹ 200 crore registered in Q3 FY2020. As for the company’s standalone performance, Mahindra saw a 90 per cent dip in Q3 FY2021 profits, which stood at ₹ 30.93 crore, compared to ₹ 306.55 crore reported for the same quarter in FY2020. The company’s standalone revenue for the October to December 2020 period stood at ₹ 14,215.90 crore, a 15 per cent growth compared to ₹ 12,345.29 crore revenue registered during the same period in 2019.
Mahindra‘s total vehicle sales in the domestic market, between October and December 2020, stood at 1,15,272 units, a 7 per cent decline compared to 1,23,353 units sold during the same months in 2019. For the same period, tractor sales stood at 97,420 units, a 20 per cent growth compared to 81,435 tractors sold between October and December 2019. The new-gen Mahindra Thar has been a major contributor to the company’s PV sales which has received over 39,000 bookings so far, out of which 45 per cent are for the automatic variant.
In the same third quarter of FY2021, the company also incurred a one-time loss of ₹ 1,210 crore related to Ssangyong Motor. In December 2020, the company’s South Koren venture defaulted on an ₹ 408 crore loan to three different financial institutions, whereas its total outstanding loans aggregate up to 100 billion Won, which is approximately ₹ 680 crore. Back then Mahindra had stated that it has made a commitment to cover the above-mentioned loans given by the Banks, its final liability will be limited to the extent not recovered from SsangYong. SsangYong has now applied for receivership in South Korea.