Strong tractor and UV sales drive up M&M's Q1 net 23-fold

Earnings, however, aren't strictly comparable due to last year's low base. Businesses had come to a halt in the June quarter of 2020 due to Covid-19-induced national lockdown

Robust sales of tractors and automobiles coupled with last year’s low base bumped up the net profit (standalone) of Mahindra & Mahindra (M&M) for the quarter ended June, the company said on Friday. The earnings were broadly in line with analysts’ estimates.
 
The Mumbai-headquartered firm reported a 23 times year-on-year (YoY) jump in net profit at Rs 934 crore for the quarter ended June. Earnings, however, are not strictly comparable owing to last year’s low base. Businesses had come to a halt in the June quarter of 2020 due to the Covid-induced national lockdown.
 
Revenue from operations at