Mahindra CIE Automotive Q2 net plunges 31% to Rs 10 cr

Mahindra group's auto component arm Mahindra CIE Automotive has reported a 30.63 per cent fall in standalone net profit at Rs 9.65 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 13.91 crore during the same quarter last fiscal, it said in a regulatory filing.
Mahindra CIE Automotive's total income from operations during the period under review was also down 7.14 per cent to Rs 391.22 crore as against Rs 421.31 crore last fiscal.
During the first half of the financial year 2015-16, the firm's standalone profit declined 20.12 per cent to Rs 25.87 crore as against Rs 32.39 crore of the same period (April-September) a year ago.

In H1 period, the company's total income from operation also went down 5.06 per cent to Rs 807.17 crore as against Rs 850.25 crore of the same period last fiscal.
Meanwhile, in a separate filing Mahindra CIE Automotive said the CLB has allowed the company to begin its financial year from January 1 to December 31. Earlier, the company used to follow April to March reporting period.
"... The current Financial Year of the Company shall close on December 31, 2015 covering a period of nine months commencing from April 1, 2015," it said.