Mahindra reports first quarterly loss in 19 years amid Covid-19 crisis

Net loss stood at Rs 1,761 cr in Q4

Hit by impairment losses mainly in its South Korean subsidiary SsangYong and other international subsidiaries, and a sharp fall in demand for its tractors and utility vehicles because of the Covid-19 pandemic, Mahindra & Mahindra on Friday reported its first quarterly loss in nearly two decades during the quarter ended March 31, 2020 (Q4FY20). 

The company reported a pre-tax loss of Rs 1,761 crore on a consolidated basis in Q4FY20, the first such instance since the July-September quarter in 2001.

In comparison, the Mumbai-based company had reported a profit before tax (PBT) of Rs 1,705 crore on a consolidated basis in Q4FY19