Mahindra Q3 profit slips

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Mumbai, Feb 12 (IANS) 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 here 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.

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“Going ahead, Rabi crop output will play an important role in how the market shapes up,” it added.

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