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M&M firms up after Q2 result
(14:39, 08 Nov 2019)

M&M witnessed 24% decline in combined profit after tax (after EI) to Rs 1,355 crore on a 15% decline in revenues to Rs 10,935 crore in Q2 September 2019 over Q2 September 2018.

The company reported a combined operating margin of 14.1% in Q2 FY20 as against 14.5% in Q2 FY19.

The company sold 1.10 lakh vehicles in Q2 FY20, lower by 21% from 1.41 lakh units in Q2 FY19. The total tractors sales decrease by 6% to 68,359 units in Q2 FY20 as against 73,012 units in Q2 FY19. Total exports slumped 21% to 10,540 units in Q2 FY20 as compared to 13,377 units in Q2 FY19.

The results include the combined results of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

The Indian auto industry, in particular, is undergoing a challenging period with all industry segments declining for two consecutive quarters for the first time in the last 15 years. Despite such a challenging environment, the company with strong emphasis on cost management, ensured that the EBITDA drop was in line with the revenue decline. The company also successfully increased its market share in tractors as well as passenger vehicles. This has enabled the company to achieve its highest OPM margin in the last four quarters. Q3 has started on a positive note with good deliveries (retails) both in the automotive as well as tractor segments.

In its outlook, M&M said that the government has also announced several sector specific measures over the last months to support economic activity. The announced sectoral measures, a pickup in fiscal spending and the lagged effect of interest rate cuts should help support revive consumption demand and growth going forward. However, any sharp pruning of government expenditure to meet fiscal targets at the fag end of the year or a sharp deterioration in the global environment remain the big risk factors.

M&M operates in automotive segment comprising of sales of automobiles, farm equipment and sale of spare parts.

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