Automobile major Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing (MVML) on Friday reported a combined net profit of Rs 163 crore for the quarter ended March 2021 as compared to a net loss of Rs 3,255 crore in the year-ago period.
M&M and MVML’s combined revenues during the quarter increased 48 percent to Rs 13,338 crore from Rs 9,005 crore, YoY.
M&M reported a one-time loss at Rs 840 crore during the quarter. Net profit before exceptional item at Rs 1,002 crore against Rs 323 crore, YoY.
Automotive business revenue during the quarter grew 42.7 percent to Rs 7,858.1 crore as against Rs 5,505.8 crore, YoY.
Automotive business EBIT jumped 73.1 percent to Rs 390 crore from Rs 225.3 crore, while the segment's EBIT margin rose to 5 percent from 4.1 percent, YoY.
EBITDA in Q4FY21 rose 59.7 percent to Rs 1,960 crore from Rs 1,227 crore, while EBITDA margin improved by 110 bps to 14.7 percent from 13.6 percent, YoY.
"Overall demand remained robust for the company’s products in Q4FY21. However, the global shortage of semi-conductors impacted the production and sales for the quarter," M&M said in a release.
The Board of Directors of Mahindra Group announce the consolidation of Mahindra Electric Mobility Ltd into Mahindra & Mahindra.
The board also approved a final dividend worth Rs 8.75 per share for the financial year ended March 2021.
The Farm Equipment segment also reported strong performance despite supply chain and commodity challenges. Tractor volumes were up 58 percent and revenue up 60 percent.
The segment's profit before interest and tax (PBIT) for Q4FY21 registered a growth of 100 percent YoY at Rs 1,095 crore, while PBIT margin increased to 22.0 percent from 17.6 percent.
Dr Anish Shah, MD & CEO, M&M said that the company had a very strong operating performance in a tough year for both Auto and FES.
"Capital allocation actions and strong operating performance drove results. The company generated Rs 3,457 crore cash in FY21 from working capital actions alone," Shah said while addressing media.
On Friday, the shares of M&M ended 2.13 percent higher at Rs 846.20 apiece on the BSE.
First Published: May 28, 2021 2:46 PM IST
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