After the ongoing COVID-19 pandemic, many automobile companies are now in the revival mode. However, Mahindra & Mahindra recorded a downfall in the net profit by 94% in the first quarter (Q1) of 2020 when compared to the Q1 of 2019.
The quarter ended in June 2020 for Mahindra & Mahindra recorded a net profit of just ₹54.64 crores meanwhile, the net profit for the Q1 in 2019 was a massive ₹894.11 crores.
The Revenue from operations during the Q1 remains ₹6508.6 crores against ₹26,041.02 crores compared to a year ago. The revenue from operations of Mahindra & Mahindra is now low by around 37%.
Revenue of Mahindra & Mahindra ₹6508.6 crores which remained ₹13,547.84 crores in the Q1. The revenue from the farm equipment for Mahindra & Mahindra remained ₹4902.92 crores which were as high as ₹6,077.9 crores in the Q1 of 2019.
While many other automobile companies are trying to revive their sales, Mahindra & Mahindra is now facing a huge impact on sales and profit figures. The automobile sector is expected to be on track as the demand for personal vehicles is high.
Mahindra & Mahindra is working on the electric as well as some new vehicles as well. The Mahindra eKUV100, XUV300 electric, Thar 2020, XUV300 Turbo Sportz, S204, etc. to launch this year. However, the popularity of the Mahindra Thar may help the automobile company to revive its present scenario soon.
