M&M Q3 net profit slumps 73% to Rs 380 cr; Tractor sales slips 6%

Vehicle sales during the third quarter stood at 1,23,353 units as against 1,33,508 units in the same period last fiscal, a decline of 8 per cent.

Home-grown auto major Mahindra & Mahindra (M&M) on Saturday reported 73 per cent decline in consolidated net profit at Rs 380 crore for December quarter 2019 due to sluggish vehicle sales. The company had posted a profit after tax (PAT) of Rs 1,396 crore for the same quarter last fiscal, M&M said in a statement.

"The results of Q3 F2020 includes a net loss on account of exceptional and one-off items of Rs 554 crore as compared to a net gain on account of exceptional and one-off items of Rs 519 crore in Q3 F2019," it said. Its revenue also