Mahindra’s fiscal year results for 2020 shone a light on US$6.8 billion of revenue, down 15.2% from $8.1 billion in fiscal year 2019.
On the farming side of the operation, farm equipment sales produced US$2.3 billion, a 8.7% decline from the US$2.5 billion reported the previous full year.
The operating profit for Mahindra was $388.7 million, this result was down 64.5% from US$1.1 billion in the previous fiscal year.
Overall the company reported a total loss of US$48.3 million, compared to a profit of US$904.4 million in fiscal year 2019.
A closer look at the operation shows the Mahindra Farm Equipment division Sector recorded sales of 301,915 tractors, including domestic and export in fiscal year 2020. However, for the previous 12 months 330,436 were sold, showing an unwanted decline of 8.6%.
The domestic market held up best for Mahindra where 291,901 tractors were sold, this compares to 316,742 tractors the previous year, a decline of 7.8%.
However, in the export market the badge did not fare as well, with only 9,956 tractors sold, exports were down 26.6% year-on-year.
On the spare parts side, Mahindra made a nice profit, with US$108 million of sales showing a 5.3% growth over the previous year tally of US$102.5 million.
Tractor sales for all brands in India reached just over 700,000 units for 12 months, an overall drop of 10%.