M&M skids after vehicles sales decline in May

Mahindra & Mahindra (M&M) was down by 0.88% to 641.40 at 09:19 IST on the BSE after the company reported a 3% decline in total vehicle sales to 45,421 units in May 2019 over May 2018.

The announcement was made on Saturday, 1 June 2019.

Meanwhile, the S&P BSE Sensex was up by 37.42 points, or 0.09% to 39,751.62.

On the BSE, the stock had hit a high of Rs 649.75 and a low of Rs 638.10 so far during the day. It hit a 52-week high of Rs 992 on 30 August 2018 and a 52-week low of Rs 598 on 16 May 2019.

Mahindra & Mahindra (M&M)'s total domestic sales declined 2% to 43,056 units in May 2019 over May 2018. Total exports declined 22% to 2,365 units in May 2019 over May 2018.

Further, M&M's Farm Equipment Sector (FES) reported a 16% decline in total sales to 24,704 units in May 2019 over May 2018. Total domestic FES sales declined 17% to 23,539 units in May 2019 over May 2018. Total FES exports increased 3% to 1,165 units in May 2019 over May 2018.

M&M reported a fall in the combined profit from ordinary activities after tax (after EI) by 16% to Rs 969 crore in Q4 March 2019 over Q4 March 2018. Combined revenues and other income rose 5% to Rs 14055 crore. The results for M&M include the combined results of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

M&M the world's largest tractor brand by volume and India's largest utility vehicle manufacturer.

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