Mahindra and Mahindra Net Profit up 5.7 Percent in Q3

Posted on 13th Feb 2015 06:04 pm by mohit kumar

Mumbai, Feb 13 (IANS) Automobile maker Mahindra and Mahindra (M&M) Friday said its consolidated net profit in October-December 2015 grew by 5.7 percent to Rs.967 crore against Rs.914 crore in the corresponding period last fiscal year.

The company's gross revenues for the fiscal quarter under review, however, declined by 10.6 percent at Rs.10,087 crore against Rs.11,286 crore in the previous year.

"The Indian automotive industry continues to be sluggish with the utility vehicle industry degrowing by 6.1 percent in the third quarter of the current financial year. A delayed and deficient monsoon has also impacted the tractor industry leading to a degrowth of 21.8 percent," the company said in a statement.

Standalone net profits of the automotive manufacturer including its subsidiary, Mahindra Vehicles Manufacturing Ltd increased marginally by 0.85 percent to Rs.942 crore against Rs.934 crore in the corresponding time frame last fiscal year.

The gross revenue on a standalone basis for the quarter ended December 31 fell by 9.8 percent to Rs.10,188 crore against Rs.11,295 crore in the corresponding time period last fiscal.

The group's consolidated gross revenue during the quarter under review declined by 11.1 percent to Rs.18,372 crore compared to Rs.20,680 crore in the same time frame last year.

Net profit was also hit by 24.39 percent in the same time frame to Rs.930 crore. The net profit last year for the same quarter was Rs.1,230 crore.

Other news

The government will sell 20 lakh tonnes of additional wheat to curb inflation, the Center had announced to sell in the open market

Under the Open Market Sale Scheme (OMSS), the central government on Tuesday announced to sale of

Women's team won ODI series in England after 23 years: Beat the British by 88 runs, Captain Harmanpreet scored 143 runs in 111 balls

Indian women's cricket team won the second match against England in Canterbury by 88 runs. With t

Raju Srivastava's condition is critical again: Swelling in one part of the brain, frequent seizures; Mahamrityunjay chanting started on Kailash Kher's suggestion

Comedian Raju Srivastava's condition has become critical once again. He has been having frequent

Why is Sachin Pilot angry at Gehlot? When will the confrontation of Ego stop and will the Congress government of Rajasthan survive?

Jaipur. A year and a half old Congress government in Madhya Pradesh was overthrown in Madhya Prad

CSK vs RCB Pitch Report: Will it rain runs in the first match of IPL or will the bowlers dominate? Know the pitch report

Now only a few hours are left for the opening match of IPL 2024 to start. The first match of the

Nyay Yatra: Rahul Gandhi told what is the purpose of the Bharat Jodo Nyay Yatra, a rally in Kishanganj

Bharat Jodo Nyay Yatra, being taken out under the leadership of Rahul Gandhi, has moved forward f

Krrish 4: After 'Fighter', Hrithik Roshan and Siddharth Anand will work together again in 'Krrish 4'! Know the latest updates

Hrithik Roshan's fans are eagerly waiting for the fourth film of the Krrish franchise,

Bangladeshi protesters do not value independence! Statues related to Pakistan's surrender were vandalized; Tharoor said - they were not worthy of forgiveness

Even after the political upheaval and coup in Bangladesh, violent protests in the country have no

Corona Virus: CBSE Board's big decision amid lockdown, there will be no remaining 10th exams

New Delhi: Between the deadly corona virus crisis and the enforced lockdown in the country, the C

Ram Mandir: Modi's three-decade-old pledge will be fulfilled... the pledge was taken after seeing Ram Lalla in Janmabhoomi in the year 1992

Prime Minister Narendra Modi's three-decade-old vow will also be fulfilled with the consecration