Mahindra's Q3 net zooms 40% on robust tractor sales, cost control

Impairment booked on account of Ssangyong dented net profit

Led by robust volumes of tractors and stringent cost control measures, Mahindra & Mahindra (M&M) posted a 40 per cent year-on-year (YoY) jump in net profit to Rs 531 crore for Q3FY21.  

The bottom line of the standalone entity (including vehicle-making unit MVML) was pegged back by impairment provisions taken on account of Korean subsidiary SsangYong Motor Co (SYMC). Excluding the exceptional item, net profit was up 78 per cent.  

SYMC will come under “discontinued operations” identified for bankruptcy on December 21. M&M will stop reporting financials of the firm from the next quarter.    

Revenue from operations during the quarter also increased