India's major utility vehicles maker, Mahindra & Mahindra Ltd has reported a massive and shocking 9.9 percent fall in their quarterly profit report, as rising commodity costs reflected their negative effects on the report.
According to reports, the company reported a net profit of Rs 662 crore for its fiscal third quarter ended December, compared with Rs 735 crore a year earlier, eventhough their two wheelers did a fairly good job in the sales values.
Revenue rose 37 percent to Rs 8,327 crore. India's biggest utility vehicle maker, reported a bigger-than-expected 9.9 per cent fall in quarterly profit as rising commodity costs squeezed margins.
"Given how material costs have moved during the quarter, and we are not able to pass these on 100 per cent, our profitability will come down." said Mr. Pawan Goenka, president of Mahindra's automotive and farm equipment sectors
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