Mahindra & Mahindra fell 2.87% to Rs 681.45 at 15:03 IST on BSE after the company announced Q3 results during trading hours today, 8 February 2019.
On the BSE, 4.19 lakh shares were traded in the counter so far compared with average daily volumes of 2.45 lakh shares in the past two weeks. The stock had hit a high of Rs 706 and a low of Rs 680.50 so far during the day.
Mahindra & Mahindra (M&M) combined profit from ordinary activities after tax (after EI) rose 7% to Rs 1396 crore in Q3 December 2018 over Q3 December 2018. Combined revenues and other income rose 14% to Rs 13235 crore. Combined operating profit margin (OPM) was reported at 13.2% in Q3 December 2018, lower than 14.7% in Q3 December 2017.
The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.
In its outlook M&M said that growth in government final consumption expenditure, buoyed by higher government spending has been supportive and remains the key driver of growth. The interim budget has announced PM-KISAN- an income support scheme for farmers owning up to 2 hectares - about 120 million households - who would receive income support worth about Rs 6000 a year. This should buoy farmer incomes and support rural consumption. Improving credit growth and liquidity conditions should also help give a fillip to growth.
Escalation of trade tensions beyond those already anticipated and tightening of financial conditions are a key source of risk to the outlook. M&M said that potential triggers including a "no-deal" Brexit and a greater-than envisaged slowdown in China should also be watched.
M&M enjoys a leadership position in utility vehicles, and is the world's largest tractor company, by volume.
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