Mahindra net down 22.2 percent

May 28th, 2009 - 4:50 pm ICT by IANS  

New Delhi, May 28 (IANS) Auto major Mahindra and Mahindra (M&M) Thursday reported a 22.2 percent decline in its net profit for 2008-09 at Rs.858.7 crore, down from Rs.1,103.3 crore reported the year before.
This is despite a 14.5 percent jump in the company’s annual turnover to Rs.13,364.02 crore last fiscal from Rs.11,671.6 crore in 2007-08, the company said in a regulatory statement.

As the auto industry showed some signs of revival in 2009, Mahindra reported 89.1 percent rise in its forth quarter profit at Rs.418.07 crore, up from Rs.221.1 crore in January-March 2008.

The company reported a 10.5 percent decrease in consolidated profit at Rs.1,405.4 crore, down from Rs.1,571.1 crore in 2007-08.

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