Mahindra Reports Fall in Q4 Profits

Thursday 29 May 2008, 00:00 AM by Satish

Increased raw material prices have eventually started reflecting in balance sheets of car makers in India. Mahindra and Mahindra reported 6.4 percent fall in its quarterly profits. It also stated that its profits fell to Rs. 2.21 billion or $51.6 million.

Mahindra is India’s one of the top utility vehicle maker. It has recently lost its bid for Land Rover and Jaguar against Tata. It has also pulled out with its partnership with Renault-Nissan and is building its own new plant to double its existing capacity in India. The company currently makes Logan with Renault.

It is also planning to raise Rs. 7 million from placement of convertible debentures equalling 3.7 percent stake in Goldman Sachs. Shares for Mahindra have slipped 19 percent compared to the 20% falls in the auto market.

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