M&M's Q1FY22 standalone net profit rises to Rs 856 cr

Mumbai, Aug 6 Automobile major Mahindra & Mahindra (M&M) on Friday reported an exponential rise in its standalone net profit for the first quarter (Q1) of 2021-22.

The company's standalone net profit, during the quarter under review, rose to Rs 856 crore from Rs 68 crore reported in the corresponding period of 2020-21.

Standalone revenue during Q1FY22 rose to Rs 11,763 crore, from Rs 5,589 crore earned during the like period of last fiscal.

Besides, the company reported that consolidated PAT stood at Rs 424 crore.

It was impacted by 'MMFSL' NPA provisioning of Rs 2,517 crore, and the 'MMFSL' GNPA is expected to improve during the course of the year, the company said.

M&M Managing Director & CEO Anish Shah said: "Our focus on operational efficiency and financial discipline gives us the confidence that our core performance will continue."

"Our farm business delivered yet another exemplary quarter result, while our auto business showed demand recovery. Our growth gems are seeing good momentum and we will continue our stringent focus on fiscal discipline."