M&M's operating margin for the quarter stood at 10.3 per cent as compared to 14 per cent in Q1FY20. Consolidated earnings before interest, tax, depreciation, and ammortisation (Ebitda) fell 68 per cent YoY to 573.1 crore.
"The company continues its strong focus on cost management to improve its financial performance in these testing times. Its timely decision to raise funds along with good cash generation in the quarter has further strengthened the company's cash position," M&M said.
The company approved the appointment of Nisaba Godrej and Muthiah Murugappan as additional directors on the board of directors. The company has also sought shareholders' approval to cut stake in Ssangyong Motor to less than 50 per cent.
The stock slipped 1.3 per cent to Rs 601.50 on the BSE after the announcement of the June quarter result. At 2:05 PM, it was trading 0.9 per cent lower at 604.15 per share as compared to a flat benchmark S&P BES Sensex. A combined 56 lakh shares have changed hands on the counter on the NSE and BSE, so far.
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