Mahindra & Mahindra consolidated Q3 net plunges 93.37%

Mahindra & Mahindra consolidated Q3 net plunges 93.37% Mahindra & Mahindra announced a 93.37% fall in consolidated profit after tax to Rs 267 million for the quarter ended Dec. 31, 2008 as against Rs 4,029 million in quarter ended Dec. 31, 2007.
The consolidated gross revenue and other income fell to Rs 63,540 million for quarter ended Dec .31, 2008 as against 67,741 million for quarter ended Dec. 31, 2007.
The company reported a phenomenal drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 99.70% to Rs 11.97 million from Rs 4,051.53 million in the same quarter last year.
Net sales declined 14.32% to Rs 25,193 million, while total income for the quarter fell 14.01% to Rs 25,628.67 million, when compared with the prior year period.
The company reported earnings of Rs 0.05 a share during the quarter, registering 99.71% decline over prior year period.
Source : myiris.com (2/1/2009)