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Mahindra & Mahindra Q2 net dips 5% at Rs 373 cr

Mahindra & Mahindra said on Wednesday its consolidated profit declined 4.92 per cent to Rs 373.30 crore for the second quarter ended September 30 on the back of increasing material cost and global economic crisis.

The firm had a net profit of Rs 392.60 crore in the September quarter of last fiscal, M&M said in a filing to the Bombay Stock Exchange. The company said increase in material cost and the economic downturn, which resulted in appreciation of the Indian cu rrency and rising interest rates, have exerted pressure on the operating margins and profits.

The revenues and other income rose 19 per cent to Rs 7,741.40 crore for the quarter under review, from Rs 6,502.6 crore in the year-ago period. For the six months ended September 30, M&M reported a consolidated PAT of Rs 782.9 crore, a 13 per cent growt h over the year-ago period.

The firm had a PAT of Rs 692.2 crore in the first half of fiscal 2008. During the first six months M&M's revenue and other income rose to Rs 15,298.7 crore, from Rs 12,360.8 crore in the corresponding period last fiscal.

During the quarter the company's sold 38,462 units of Multi Utility Vehicles (MUV), against 35,309 units in the previous fiscal. In the automotive sector M&M's export during the quarter grew 6.6 per cent to 2,941 vehicles.
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