₹323 crore. What really enthused investors was the better-than-expected operating performance and the management’s comments on the loss making business units.Reported revenues dropped 35% on a yoy basis, slightly lower than the 38-40% drop analysts at Kotak Institutional Equities and Nomura Research.
Besides while the two brokers had expected margins to fall sharply owing to negative operating leverage, M&M actually managed to maintain margins at year-ago levels.This is in stark contrast to other auto manufacturers, where margins fell.
M&M’s performance was helped by relatively better demand for farm equipment products, a large business segment of M&M.