Sensex Jumps Over 400 Points, Reliance And ITC Top Gainers

The company reported a net profit of Rs 1.6 bn against a loss of Rs 32.5 bn in the same period last year. The massive loss of Rs 32.5 bn in March 2020 was due to the write-down of investment in Ssangyong and other international subsidiaries.

The company's automotive business registered a 42.7% year-on-year (YoY) growth in revenue at Rs 78.6 bn and a 73.1% YoY growth in earnings before interest and tax (EBIT) at Rs 3.9 bn.

However, the automaker expects it will take at least another two years for car sales to return to their pre-pandemic peak. A slow pace of vaccinations could hurt recovery prospects, it said.

Mahindra Chief Executive Officer Anish Shah said that sales would rebound by the fiscal year 2023 if a majority of the country's population is inoculated and new COVID-19 cases ease, helping the economy recover.

Mr Shah expects the pace of vaccinations in India to pick up in June but said it would be a concern if that does not happen.

How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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