NEW DELHI: Mahindra - Mahindra (M-M) on Saturday said its net profit plunged 73 per cent year-on-year (YoY) to Rs 380 crore in December quarter, due to loss on exceptional and one-off items worth Rs 554 crore.
The figure included numbers for manufacturing unit MVML.The company had reported a profit of Rs 1,396 crore in the year-ago quarter, which included exceptional gains of Rs 519 crore.
Revenue for the quarter fell 6 per cent to Rs 12,120 crore compared with Rs 12,893 crore in the same quarter last year.Operating profit margin for the quarter rose to 14.8 per cent from 13.2 per cent YoY.
The unseasonal rains in the month of October did cause some damage to the Kharif crop, but the sentiment in the agri and rural economy is fairly upbeat with good sowing of Rabi crops supported by very good water reservoir levels and government announcement for thrust on infra projects, the company said.
AgenciesBoth the domestic auto and tractor industries have shown some signs of trend reversal and has seen moderation in the double-digit degrowth, the company said in a BSE filing.
Good monsoons, the festive season demand, improved liquidity conditions, new launches, especially in the Utility Vehicle (UV) segment and special schemes offered by OEMs for the auto industry were the key reasons for this moderation in degrowth, it said.