Mahindra and Mahindra net profit up 5.7 percent in Q3

Automobile maker Mahindra and Mahindra (M&M) Friday said its consolidated net profit in October-December 2015 grew by 5.7 percent to Rs.967 crore against Rs.914 crore in the corresponding period last fiscal year.

The company's gross revenues for the fiscal quarter under review, however, declined by 10.6 percent at Rs.10,087 crore against Rs.11,286 crore in the previous year.

"The Indian automotive industry continues to be sluggish with the utility vehicle industry degrowing by 6.1 percent in the third quarter of the current financial year. A delayed and deficient monsoon has also impacted the tractor industry leading to a degrowth of 21.8 percent," the company said in a statement.

Standalone net profits of the automotive manufacturer including its subsidiary, Mahindra Vehicles Manufacturing Ltd increased marginally by 0.85 percent to Rs.942 crore against Rs.934 crore in the corresponding time frame last fiscal year.

The gross revenue on a standalone basis for the quarter ended December 31 fell by 9.8 percent to Rs.10,188 crore against Rs.11,295 crore in the corresponding time period last fiscal.

The group's consolidated gross revenue during the quarter under review declined by 11.1 percent to Rs.18,372 crore compared to Rs.20,680 crore in the same time frame last year.

Net profit was also hit by 24.39 percent in the same time frame to Rs.930 crore. The net profit last year for the same quarter was Rs.1,230 crore.