Automaker Mahindra & Mahindra (M&M) has posted a 38.6 per cent fall in standalone net profit at ₹550.56 crore in the fourth quarter ended March 31, as sluggishness in the sector continues.

The company had posted a net profit of ₹896.88 crore for the same period a year ago.

During the reporting quarter, M&M’s total income fell to ₹9,646.68 crore from ₹11,099.22 crore a year ago.

The results are not “strictly comparable” to that of the fourth-quarter of last year as the full year results of trucks business was transferred from Mahindra Trucks and Buses Ltd.

This was included in the results for the quarter ended March 31, the company said in a regulatory filing.

During the March quarter, M&M, together with Mahindra Vehicle Manufacturers Ltd (a wholly-owned subsidiary set up to source products), recorded a 50 per cent decline in net profit. M&M and MVML net profit tumbled to ₹586 crore (₹1,173 crore) during the quarter.

The combined entity sold 57,027 utility vehicles during the quarter and maintained its leadership position with a 38.7 per cent market share.

The domestic tractor industry fell 29.9 per cent during the quarter, which was the worst decline in the past 47 quarters.

With sales of 34,682 tractors in the domestic market, the combined entity maintained its market leadership with a market share of 35.5 per cent.

For the full year ended March, the company posted a net profit of ₹3,321.11 crore (₹3,758.35 crore) on a total income of ₹39,794.36 crore (₹41,226.49 crore).

Shares in M&M closed up 4.89 per cent to ₹1,260.20 on a strong BSE, which ended up 1.17 per cent on Friday.

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