Mahindra & Mahindra (M&M) on Friday reported a consolidated net loss of Rs 3,255.02 crore for the quarter ended on March 31, 2020. The company, along with Mahindra Vehicle Manufacturers Ltd, had posted a net profit of Rs 969.25 crore a year ago.

“The results were affected due to the lower industry volumes in both the automotive and tractor segments, transition to BS-VI and the abrupt lockdown due to the Covid-19 situation,” M&M said.

The company sold 86,351 vehicles in the fourth quarter, down 47 per cent from 1,63,937 units a year ago.

For the 2019-20 fiscal, the net profit came in at Rs 739.71 crore against Rs 5,401.18 crore in 2018-19. Net revenue from operations for the fiscal stood at Rs 44,865.52 crore against Rs 52,848.21 crore in 2018-19.

On a standalone basis, the auto major reported a net loss of Rs 2,502 crore for the fourth quarter compared with a net profit of Rs 849 crore in the January-March period of 2018-19. The standalone net profit for 2019-20 stood at Rs 1,331 crore against Rs 4,796 crore in 2018-19.

SsangYong exit

Mahindra & Mahindra plans to give up control of struggling South Korean unit SsangYong Motor, the company’s managing director Pawan Goenka said on Friday, as it looks to exit loss-making ventures amid the coronavirus pandemic.

“SsangYong needs a new investor. We are working with the company to see if we can secure investment,” Goenka told reporters.