Mahindra and Mahindra Reports Huge Loss due to Lockdown
- by Satakshi-Gauri
- Jun 25, 2020 10:43
Mahindra and Mahindra, the US $20.7 billion groups are currently present in 100+ countries. On October 2nd, 'Mahindra & Mohammed' is set up by brothers, JC and KC Mahindra along with Ghulam Mohammed. Mahindra and Mahindra began as a steel-trading venture seven decades ago, steadily turned into a global brand, spanning nations and industries. Today it is one of the leading companies in India. Mahindra & Mahindra which is one of the leading car manufacturing companies, on 31st March 2020 has reported a huge loss of 3,255 crores.
The company M & M in 2018-2019 had estimated a profit of about a total of 969 crores. The sales were majorly affected due to lower industry volume both in the automotive and tractor segments, due to lockdown globally because of COVID-19. The company estimated a decline of 28.6% in the fourth quarter of the Fiscal year 2020 due to the COVID-19 lockdown in the country. The company is looking for policies and strategies to normalize the effect of this pandemic on the company. Mahindra and Mahindra said that the company is looking forward to adopting several policies for recovering the loss in FY2021. COVID-19 has changed the framework of the whole economy and companies have to look forward to minimizing the impact of this pandemic and overcome the possible losses as far as possible.
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