Last updated: 10 Nov, 2020 | 03:22 pm
Higher tractors sale has helped M&M to post a good set of numbers in the quarter. The exceptional items on account of impairments have led to a drop in the profit after tax in the current quarter as compared to the corresponding quarter in the previous year.
Timely relaxation of the COVID lockdown restrictions for the Agricultural sector, good increase in MSP for Kharif crops and important reforms in the agri sector announced by the government have helped tractor demand to bounce back after April 2020. M&M said that it expects that tractor demand will remain robust during the upcoming festive season. Manufacturing capacity utilisation is expected to recover in Q3 and activity to gain some traction from Q4 onwards. However, capex and exports are likely to remain subdued for the company.