Mahindra & Mahindra's consolidated profit drops 97% YoY to Rs 68 cr in Q1

In Q1FY21, M&M sold 27,565 vehicles, a 78 per cent YoY drop from 1.23 lakh sold in Q1FY20

Mahindra & Mahindra reported a 97 per cent year-on-year (YoY) decline in consolidated net profit at Rs 67.79 crore for the June quarter of FY21 (Q1FY21). This included one-time gain of Rs 29 crore. In comparison, the company had reported a profit of Rs 2,259.74 crore in Q1FY20.

The company's revenue also fell 56 per cent YoY to Rs 5,589.43 crore from Rs 12,805.47 crore reported in the year-ago quarter.

M&M sold 27,565 vehicles in Q1FY21, a 78 per cent YoY drop from 1.23 lakh units sold in Q1FY20. Tractor sale also declined 22 per cent YoY to 64,140 units