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M&M Q1 PAT slumps 97% to Rs 68 cr
07-Aug-20   13:59 Hrs IST

Revenues during the quarter declined 56% year-on-year (YoY) to Rs 5,589 crore. Profit before tax stood at Rs 49 crore in Q1 FY21, down by 96% from Rs 1,371 crore in Q1 FY20. The results include the combined earnings of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

While the total vehicle sales were down by 78% to 27,565 units, tractor sales fell 22% to 64,140 units in Q1 June 2020 over Q1 June 2019. Total exports (vehicles and tractors) during the June quarter tumbled 72% YoY to, 3,109 units.

M&M said that the timely relaxation of the lockdown for the agricultural sector along with positive rural sentiment led to good sales numbers for tractors during the quarter despite the supply chain issues, showing a positive growth rates in May and June 2020.

In Q1 F2021, the Indian auto industry (excluding two wheelers) reported a de-growth of 81.5% over the previous year. After the first ever zero sales in the month of April, the industry is finding its way back. The company's key brands which have a strong rural bias saw good demand in the month of June. However, low pipeline inventory coupled with the challenges of ramping up production due to supply chain issues affected the Company's sales.

The company continues its strong focus on cost management to improve its financial performance in these testing times. Its timely decision to raise funds along with good cash generation in the quarter has further strengthened the company's cash position.

In its outlook, the automaker said that the unprecedented shock induced by COVID-19 is the worst that India has seen in the post-independence period. This is the first instance of a simultaneous demand and supply shock — making it different from the previous crisis. A combination of lower incomes and heightened uncertainty is expected to drag consumer spending and business investment in FY 2020-21.

High frequency indicators suggest that economic activity has seen a strong sequential recovery in May-June from the trough seen in April owing to easing of restrictions and re-opening of the economy. The SouthWest monsoon season has progressed reasonably and Kharif sowing is significantly higher than year ago levels. Overall, the agriculture sector and rural economy remain buoyant, supported by healthy rural spending by the government although there are some concerns around a fall in remittance incomes. The government has ramped up MNREGS and has also started a temporary rural works programme across districts with large number of migrants to prevent distress.

The government had announced an Rs 20 trillion package comprising a range of fiscal, monetary, regulatory and structural measures. While the announcements are positive and would help in preventing distress, there remains a need for further support from the government on the demand side and also support for the more stressed sectors.”

Mahindra & Mahindra's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.

Shares of M&M shed 0.54% to Rs 606.25 on the BSE. It traded in the range of 601.50 and 616.05 so far during the day.

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