Business Daily from THE HINDU group of publications
Thursday, Oct 30, 2008
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Business Daily from THE HINDU group of publications Thursday, Oct 30, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Performance
The increase in material costs and fall in rupee value exerted pressure on the operating margins and profits Our Bureau Mumbai, Oct. 29 The high interest rate and input cost put pressure on operating margins and profits, although vehicle sales went up during the June-September quarter, said auto major, Mahindra & Mahindra. The volumes across different segments of the company’s automotive division as well as farm equipment division have grown during the quarter. Raw material consumption went up 24 per cent to Rs 2,350 crore for the quarter while interest expenses were up 85 per cent at Rs 15.25 crore. “However, the runaway increase in the material costs in a highly turbulent economic environment, which saw a precipitous fall in the value of the rupee and a steep climb in the interest rates, exerted considerable pressure on our operating margins and profits,” M&M said. Multi-utility segmentIts domestic multi-utility vehicle (MUV) volumes grew 8.9 per cent, to 38,462 in the quarter under review. During the quarter, the company launched Scorpio Automatic and new Bolero with CRD engine.. Mahindra said that it has increased its market share in domestic MUV segment to 54.3 per cent in Q2 F09 over 52.4 per cent in Q2 last year. Meanwhile, automotive exports grew by seven per cent to 2,941 units. Pick-upsIn the pick-up segment, M&M’s volumes registered a growth of 20 per cent and increased its market share to 86.4 per cent during the last quarter. In the three-wheeler market, its volumes grew by 57 per cent to 14,335 units. TractorsThe domestic tractor sales of Mahindra during the quarter marginally grew to 21,090 and remained the market leader with 29 per cent market share. The revenue from generation sets grew 101 per cent to Rs 226 crore. Tractor exports grew 27 per cent during the quarter to 2,102 units. Auto sales: Festive season sparkle missing Automakers draw up strategies to beat high interest regime Auto sales rise marginally in April-Sept More Stories on : Performance | Mahindra & Mahindra Ltd | HCV/LCV/Tractors
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