M&M profit plunges 78% in July-Sept qtr

Mumbai: Mahindra & Mahindra (M&M) on Friday said its consolidated net income plummeted 78.44% to Rs 368.43 crore in the quarter to September as the volumes fell sharply even though the automaker could maintain strong margins. On a standalone basis, the company did better with a net income of Rs 1,355 crore, down 23.8%, thanks to a relatively better show by the tractor arm. Consolidated revenue stood at Rs 23,935.93 crore, down almost 6% from a year ago, of which automotive revenue stood at Rs 12,058.79 crore, down from Rs 14,330.54 crore and farm equipment revenue stood at Rs 5,369.89 crore marginally down from Rs 5,451.20 crore, pulling down it pre-tax profit by over 13.7% to Rs 702 crore. During the quarter, its automotive volume dipped 21% to 1,10,824 from 1,41,163 units, while tractor sales stood at 68,359 units, down 6% from 73,012 units, while the industry volume plunged 10%. pti