Mahindra and Mahindra (M&M + MVML) has reported 23.8 percent fall in its September quarter net profit at Rs 1,355 crore against Rs 1,778.8 crore in a year-ago period.
However, the company has beaten the street estimates on the profit front.
The revenue of the company was down 14.5 percent at Rs 10,935 crore versus Rs 12,790 crore YoY.
The tax expense for the quarter stood at Rs 403.4 crore versus Rs 519.4 crore YoY.
The earnings before interest, tax, depreciation and amortisation (EBITDA) was down 16.7 percent at Rs 1,541 crore versus Rs 1,849.3 crore while the EBITDA margin was down marginally at 14.1 percent.
Its automotive business revenue fell 18.4 percent at Rs 6,892.8 crore while the EBIT margin was down at 5.8 percent YoY.
The farm equipment business revenue declined 9.8 percent at Rs 3,631.5 crore versus Rs 4,028 crore, and the EBIT was down 13.7 percent at Rs 702 crore versus Rs 803 crore YoY.
At 14:30 hrs, Mahindra and Mahindra was quoting at Rs 587.70, up Rs 7.30, or 1.26 percent, on the BSE.
News Source:- Moneycontrol