M&M logs FY21 PAT at ₹923 cr; sees robust PV, tractor sales
NEW DELHI: Home-grown auto major Mahindra & Mahindra on Friday reported a standalone profit-after-tax (PAT) of ₹923 crore for the last fiscal year (FY21), on the back of robust sales of passenger vehicles and tractors.
The Mumbai-based automaker said overall demand for the company’s passenger vehicle models remained robust in the fourth quarter of FY21. However, the global shortage of semiconductors impacted the production and sales for the quarter, it added.
The Mumbai-based company, along with its subsidiary in the automotive sector Mahindra Vehicular Manufacturers Ltd, had reported a net loss of ₹3,255 crore for the Januarymarch quarter of 2019-20 fiscal.
On a consolidated basis, its PAT from continuing operations for the January-march period of 2021 stood at ₹1,635 crore, against a net loss of ₹588 crore in the year-ago quarter.
Its revenue on standalone basis rose to ₹13,338 crore during the period under review from ₹9,005 crore in the fourth quarter of FY20, M&M said.
Its standalone revenue during the last fiscal declined by 1% to ₹44,574 crore as against ₹44,866 crore in FY20.
The consolidated revenue for January-march 2021 from operations stood at ₹21,456 crore as against ₹16,315 crore in the corresponding period of the last fiscal.
For the entire 2020-21 fiscal, the company reported a consolidated PAT of ₹3,702 crore as compared with ₹2,713 crore in 2019-20.
Its consolidated revenue from operations stood at ₹74,278 crore for the financial year 2020-21, as against ₹75,382 crore in 2019-20.
The company sold 1,06,333 units during the fourth quarter, up 18% from 90,481 units in the fourth quarter of FY20. Total sales of PVS during the last fiscal however dropped by 26% to 3,48,621 units, against 4,71,141 units in 2019-20.
The automotive sector continued its focus on cost optimisation and reduced its fixed expenses by over ₹900 crore over the last two years and hence keeping its margin resilience even under challenging times, M&M noted.
The company sold 93,044 tractors duing the fourth quarter of 2021, as compared with 58,817 units in January-march period of FY20.