India covid-19 outbreak 2020 economy India

₹2,510 crore loss in Q4 FY20

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₹2,510 crore for the January-March quarter compared to a net profit of ₹841 crore in the year-ago period.The loss in the last quarter was on account of provisioning for impairment of certain long-term investment worth ₹2,780 crore.Revenue from operations were at 9,144 crore, down 35% year-on-year.Results were lower than the estimates of 16 analysts polled by Bloomberg who had projected revenue at ₹11,799 and a net profit of ₹462 crore.The farm equipment segment posted a net profit of ₹549 crore, up 6% YoY, while the automotive business fetched a profit of ₹165 crore, down 77% YoY.For fiscal 2020, revenues were at ₹45,488 crore compared with ₹53,614 crore in FY19.M&M’s consolidated net loss was at ₹1,335 crore for the March quarter against.

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