Mahindra net profit down 35 percentOctober 29th, 2008 - 6:27 pm ICT by IANS
Mumbai, Oct 29 (IANS) Car and farm equipment maker Mahindra and Mahindra (M&M) posted a net profit of Rs.1.85 billion (about $41.2 million) in the second quarter this fiscal, down from Rs.2.85 billion (about $65.5 million) in the same quarter last fiscal, the company said Wednesday.In a regulatory statement, the company attributed exchange rate fluctuations of the weakening rupee to the 35 percent drop in its quarterly net.
“The lower profits are mainly on account of an exchange loss of Rs.117.8 crores (Rs.77.8 crores net of tax) suffered by the company due to Rupee depreciation,” the statement said.
The carmaker’s gross revenue for the quarter stood at Rs.36.9 billion (about $821.1 million) - 14.1 percent above last year’s Rs.32.4 billion (about $720 million).
However, the company’s scrip went up 8.25 percent on the Bombay Stock Exchange, closing at Rs.302.50 up from its last closing of 279.45.
- Mahindra and Mahindra's Q4 net up 44.17 percent - May 30, 2012
- Infosys profits from weak rupee, lowers dollar guidance (Lead) - Jan 12, 2012
- Mahindra & Mahindra Ltd Q2 net profit down 2.78 percent - Nov 14, 2011
- Srei Infra's Q3 net slips by 51.8 percent - Feb 03, 2012
- GAIL's third quarter net profit up 12.52 percent - Jan 18, 2011
- Wipro net up by one percent in first quarter - Jul 20, 2011
- Mahindra & Mahindra net profit rises 6.36 percent - May 30, 2011
- Infosys lowers guidance for fiscal 2013 (Lead) - Apr 13, 2012
- Infosys beats guidance but stock dips on muted earnings - Jul 12, 2011
- Wipro outlook cautious on flat growth (Lead) - Apr 25, 2012
- Tata Motors third quarter net profit up 40.47 percent - Feb 14, 2012
- RIL fourth quarter net profit down 21.2 percent - Apr 20, 2012
- NHPC's Q1 net profit up 47.19 percent - Aug 10, 2011
- Wage hike dips Wipro net, projects flat growth - Jul 20, 2011
- Wipro sees higher IT revenue in Q3 on strong growth - Oct 22, 2010