Mahindra’s Q1 FY2021 Profit Slumps 97% Year-On-Year

Mahindra today announced that in the first quarter of FY2021 it has registered a de-growth in revenues by 56 per cent. The company sold 27,565 vehicles in Q1 FY2021 which is 78 per cent lower than the same period in FY2020. The timely relaxation of the lockdown for the agricultural sector along with positive rural sentiment led to good sales numbers for tractors during the quarter despite the supply chain issues. However, tractor sales fell by 22 per cent only and that shows how the company has been revamping its offerings in this segment, because of the demand.

The company's partnership with Ford has been going on strong and products will roll out soon

In Q1 F2021, the Indian auto industry (excluding two wheelers) reported a de-growth of 81.5 per cent over the previous year. After the first ever zero sales in the month of April, the industry is finding its way back. The company continues its strong focus on cost management to improve its financial performance in these testing times A full summation of Gross Revenue and other income of all the group companies taken together for the quarter ended June 30 2020 is Rs. 26,452 crores.

Mahindra has updated the Sarpanch range of tractors

The company will be launching more products beginning with the unveiling of the Thar on August 15, 2020. The company is also looking to bring in more products to the country. The company is also looking to bring in more electric vehicles to the country.