Co’s Q1 PAT Drops 20% on GST Loss

The Economic Times - - Companies: Pursuit Of Profit - Ke­tan.Thakkar @times­group.com

Mum­bai: In­dia’s largest trac­tor maker Mahin­dra & Mahin­dra reg­is­tered a 20% drop in PAT for June end­ing first quar­ter of FY18 miss­ing street expectations by sig­nif­i­cant mar­gin pulled down by .₹ 144 crore of pro­vi­sion on ac­count of tran­si­tion loss to GST (goods and ser­vices tax) regime.

The net profit for April to June first quar­ter of FY18 stood at .₹ 768 crore ver­sus .₹ 961.3 crore it reg­is­tered for the same pe­riod last fis­cal. The out per­for­mance in the trac­tor seg­ment for Mahin­dra & Mahin­dra with a record high mar­ket share of 45.8% dur­ing Q1, helped com­pany cir­cum­vent fall in vol­umes in pas­sen­ger ve­hi­cle space help­ing net rev­enues for Q1 to grow by 5.4% to .₹ 11,094 crore. The EBIDTA mar­gins for Q1 de­clined by 110 ba­sis points to 14.2%.

On the way ahead, V Parthasarthy, CFO of Mahin­dra said, In­dia’s growth mo­men­tum is likely to pick up in the coming quar­ters with on­go­ing re­mon­eti­sa­tion fur­ther eas­ing of in­ter­est rates and fil­lip to con­sump­tion de­mand.

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