Mahindra net profit down 35 percent

Friday, 31 October 2008, 03:44 Hrs
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Mumbai: Car and farm equipment maker Mahindra and Mahindra (M&M) posted a net profit of 1.85 billion (about $41.2 million) in the second quarter this fiscal, down from 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 117.8 crores (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 36.9 billion (about $821.1 million) - 14.1 percent above last year's 32.4 billion (about $720 million).

However, the company's scrip went up 8.25 percent on the Bombay Stock Exchange, closing at 302.50 up from its last closing of 279.45.
Source: IANS
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