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Mahindra Q3 profit slips
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SME Times News Bureau | 12 Feb, 2016
Auto major Mahindra &
Mahindra posted a net profit of Rs.807.99 crore for the October-December
quarter of 2015-16 compared to Rs.942.14 crore during the corresponding
period in 2014-15, the company said in a regulatory filing in Mumbai on
Friday.
The net profit of the company dropped 14.23 percent, the company reported.
The
net sales during the third quarter of 2015-16 stood at Rs.10,900.39
crore compared to Rs.9,310.41 crore during the corresponding period in
2014-15.
The company's tractor sales during the quarter were weak. These stood at 59,883 units in the domestic market.
"The
tractor market remained subdued with a degrowth of 1.5 percent in the
current quarter on account of lower Kharif output and a lower Rabi
sowing than last year which impacted the income and the sentiments of
the farming community," a statement said.
"Going ahead, Rabi crop output will play an important role in how the market shapes up," it added.
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