M&M’s Q3 standalone net profit down by more than 11%

Mumbai: Automobile major Mahindra and Mahindra (M&M) on Friday reported a 11.43 per cent fall in its standalone net profit for the quarter-ended Decemeber 31, 2018-19.

According to the company, the net profit during the quarter under review declined to Rs 1,077 crore from Rs 1,216 crore reported in the corresponding period of financial year 2017-18 (FY18).

On a combined basis, M&M and Mahindra Vehicle Manufacturers (MVML) net profit during Q3 rose by 6.91 per cent to Rs 1,395.96 crore from Rs 1,305.72 crore reported for the corresponding period of the previous fiscal.

“In Q3 F2019, the total domestic automotive volume for the company grew by 9.6 per cent with the LCV< 2T (mini truck segment) and the LCV 2-3.5T Pik-Up segment growing by 37.5 per cent and 14.4 per cent respectively over the corresponding quarter previous year," the company said in a statement.

"The company exported 9,652 vehicles during the current quarter, a growth of 36.6 per cent over the corresponding quarter previous year."