Auto major Mahindra & Mahindra (M&M) reported a net loss of Rs 3,255 crore in the fourth quarter of fiscal 2020 on account of one-time exceptional loss of Rs 3,578 crore.
The company had posted a net profit of Rs 969.2 crore in the same period last year.
The revenue for the Jan-March quarter slumped 35 percent to stand at Rs. 9,005 crore Year-on-Year. Moreover, the revenue in quarter four in the fiscal year 2019 was posted at Rs. 13,808 crore Y-o-Y.
The company reported its EBITDA (earnings before interest, taxes, depreciation, and amortization) to have dropped 34.3 percent at Rs 1,227.4 crore. This was against Rs 1,868 crore YoY, the previous year. Further, the company faced a hit owing to a one-time loss of Rs. 3,577.64 crore in the quarter under review (Q4FY20).
The automobile industry was severely impacted owing to the pandemic induced nationwide lockdown. However, the car manufacturing company was successful in raising its shares with the sale of domestic tractors to 39.1 percent.
As for the firm’s standalone results, it reported a net loss of Rs 2,502 crore in the Jan-March quarter as compared to a net profit of Rs. 849 crore in the same quarter, last fiscal.
Although, the shares of M&M Limited were trading higher by 14 points or 3 percent at Rs. 488.90 per share value, at 14.36 IST, on the NSE.