M&M Q3 zooms 42% at Rs 1,268 crore, Auto News, ET Auto
The firm experienced reported a internet earnings of INR 891.five crore in the 12 months-in the past quarter, the firm claimed in a release.
The firm claimed it has incurred a 1-time loss of INR one,214 crore, which impacted the base line in Q3 FY21.
In the meantime, the company’s income also grew 11% on a 12 months-on-12 months (YoY) foundation to INR 21,625.ninety five crore from INR 19,430 crore, reported in the corresponding quarter final 12 months.
During the quarter below critique, the firm offered 8,97,908 units of passenger vehicles and 2,58,734 units of tractors registering a growth of 14.four% and 26.8%, respectively. However, commercial car and three-wheeler gross sales declined by one.one% and 59.3%, respectively, throughout the October-December period.
The tractor industry’s growth momentum was supported by favourable sentiment in the rural and agri economic climate driven by incredibly very good monsoon, healthful reservoir levels, report kharif manufacturing, very good rabi sowing, ongoing large central government spending in Agriculture and Rural Advancement.
On the back again of these favourable variables, it is expected that tractor need will remain sturdy throughout the coming quarter as properly, the firm added.
Owning many positives, the calendar 12 months 2021 has started off with a sturdy momentum. However, some considerable challenges do exist specifically on the source aspect and commodity charges, M&M claimed.