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Mahindra Provides Estimate On Loss Due To COVID-19

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In a stock exchange filing on Wednesday, Mahindra & Mahindra Limited provided an estimate on the impact of COVID-19 on business and the expected quantum of loss/damage caused by the pandemic induced lockdown.

The automaker said that due to the nationwide lockdown, the company's manufacturing facilities and offices were shut for almost 40 days between 25 March and 3 May.

Mahindra Provides Estimate On Loss Due To COVID-19
 

"The estimated quantum of loss due to COVID19 lockdown for March 2020 is around 23,400 vehicles & 14,700 tractors," and "the estimated quantum of loss due to COVID19 lockdown for Q1 F21 is around 87,000 Vehicles and around 30,000 tractors," it said.

"The Revenue and profitability will be impacted in line with the fall in Volumes mentioned above," it added.

"In lockdown phase 2 some relaxations were given for essential commodities; Sale of Tractors started through dealerships from 14th April, 2020," it said. During lockdown phase 3 & 4, Tractors & Automotive manufacturing units and Suppliers received approvals and commenced production gradually with safety protocols. The company also said that 75 percent of its dealerships are now open.

Shares of Mahindra & Mahindra Ltd were trading higher on Wednesday morning, surging close to 2 percent.

Story first published: Wednesday, June 3, 2020, 9:51 [IST]
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