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Automaker Mahindra & Mahindra Ltd on Friday reported an 11.4 per cent drop in net profit for the quarter ended December to ₹1,076.81 crore on revenue of ₹13,070.36 crore. The company had posted a net profit of ₹1,215.89 crore and revenue of ₹11,577.77 crore in the year-ago period.
Vehicle sales during the third quarter stood at 1,33,508 units, against 1,21,786 units in the same period last fiscal, a growth of 10 per cent, the company said.
Passenger vehicle sales for the festival season did not match the industry expectation primarily due to softening of urban demand, it added.
“Q3 was in some ways a challenging quarter, both for the auto industry as well as for the tractor industry,” said Pawan Goenka, Managing Director, Mahindra & Mahindra.
He said that this happened due to slow growth or slow retail or customer delivery during the festival season.
Macroeconomic factors
The macroeconomics in the country in October was “fairly challenging” due to various factors such as oil prices, exchange rates, commodity prices, interest rates and the increase in vehicle prices, which led to subdued demand in the festival season, he Goenka added.
The company further said it exported 12,363 vehicles during the latest quarter, as compared to 11,426 units in the year-ago period, up 8 per cent.
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