M&M net declines 2.42%

M&M net declines 2.42%

Mahindra and Mahindra has reported a 2.42 per cent decline in standalone net profit for the second quarter ended September 30, 2015, at Rs 924 crore, compared with Rs 947 crore in the corresponding quarter last year.

Net sales for the company during the quarter also decreased marginally by 1.75 per cent to Rs 9,121.79 crore, compared wtih Rs 9,284.88 crore a year ago.

“In Q2, the passenger vehicle market grew 6.3 per cent with good growth in the car segment, while the utility vehicle segment continued to be under pressure and degrew by 4.3 per cent,”  M&M said.

“With investment sentiment picking up and tail winds from falling interest rates likely to bolster urban consumption demand further, we expect growth to step up pace in the second half of the current fiscal,” it said.

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