WRITE-OFFS WEIGH ON M&M PROFIT DESPITE STRONG REVENUE

NEW DELHI: Mahindra and Mahindra (M&M) reported a consolidated net profit of ₹163 crore for the quarter ended March, following its decision to write-off ₹849.5 crore for key long-term investments, especially in foreign subsidiaries. It had reported a loss of ₹3,255 crore in the year-ago quarter.

The manufacturer’s profit before exceptional items stood at ₹1,002 crore compared with just ₹323 crore a year earlier, with tractor sales reporting robust growth in the rural market. Commercial and passenger vehicle sales showed gradual improvement despite supply chain bottlenecks.

Operating revenue rose by 48.11% to ₹13,338 crore on the back of 18% increase in passenger and commercial vehicle sales at 106,333 units, and 58% growth in dispatches of tractors and other farm equipment comprising 93,044 units.