M&M Q2 profit down 2% at Rs 924 cr

Company's net sales during the period under review stood at Rs 9,121.79 crore

 

Homegrown auto major Mahindra & Mahindra today reported 2.43% decline in standalone net profit at Rs 923.56 crore for the second quarter ended September 30, 2015-16.

It had posted net profit of Rs 946.63 crore in the July- September period of the 2014-15 fiscal, Mahindra & Mahindra said in a filing to BSE.

Its net sales during the period under review stood at Rs 9,121.79 crore as against Rs 9,284.88 crore in the year-ago quarter, down 1.75%.

M&M along with its wholly-owned arm Mahindra Vehicle Manufacturers Ltd (MVML) sold 45,228 utility vehicles during the second quarter of the current fiscal, while tractor sales stood at 42,268 units in the domestic market.

 

On the outlook, the company said: "With investment sentiment picking up and tail winds from falling interest rates likely to bolster urban consumption demand further, we expect growth to step up pace in the second half of the current fiscal."

M&M stock was trading at Rs 1,220.45, down 3.15%, on the BSE.