M&M net profit plummets 99%

Mumbai, Feb 1: Auto major Mahindra and Mahindra (M&M) Saturday said its stand-alone net profit dipped over 99 percent to Rs 11.96 million (Rs 1.19 crore/$242,757) for the quarter ended December 31, from Rs 4.05 billion in the same period the previous year. The company’s total income decreased to Rs 25.62 billion for the third quarter from Rs 29.8 billion in the corresponding period last year, M&M said in a statement. The company blamed exchange losses to the tune of Rs 1.82 billion, high inflation of earlier months and lukewarm consumer sentiment in the wake of global financial turbulence for the bad performance. (IANS)