INSUBCONTINENT EXCLUSIVE:
The country's largest tractor maker - Mahindra - Mahindra along with its subsidiary Mahindra Vehicle Manufacturers Limited (MVML) on
Friday reported net profit of Rs
1,355 crore as against profit of Rs
1,778.75 crore in the same quarter last year
The profit in the September quarter of 2018, contained an exceptional item of Rs 137.51 crore
After adjusting for exceptional item Mahindra - Mahindra along with MVML's profit declined 18 per cent in the July-September
period.Revenue of M-M and MVML declined 15 per cent year-on-year to Rs 10,935 crore from Rs 12,790 crore
Mahindra - Mahindra's operating profit margin declined by 40 basis points to 14.1 per cent from 14.5 per cent in the same quarteer last
year.Liquidity crunch and high consumer finance rates led to slow demand in the second quarter of current financial year, Mahindra -
Mahindra said."The Indian economy continues to cope with suppressed consumer sentiment and a continuing liquidity crunch which coupled with
the high consumer finance rates due to non-transmission of repo rate reduction is impacting demand," Mahindra - Mahindra said in a press
release."Despite such a challenging environment leading to a volume drop in both its segments, the Company with strong emphasis on cost
management, ensured that the EBITDA drop was in line with the revenue decline
The Company also successfully increased its Market Share in Tractors as well as Passenger Vehicles,"Mhindra - Mahindra added.As of 2:10 pm,
Mahindra - Mahindra shares traded 1.5 per cent higher at Rs 589, outperforming the Nifty which was down 0.3 per cent.Get Breaking news, live
coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
