Forex loss hits Mahindra and Mahindra, Q3 net dips 93%

Forex loss hits Mahindra and Mahindra, Q3 net dips 93%
PTI
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First Published: Sat, Jan 31 2009. 05 16 PM IST
Updated: Sat, Jan 31 2009. 05 16 PM IST
Mumbai: Indian auto major Mahindra and Mahindra on Saturday said its consolidated net profit for the third quarter ended 31 December, plunged by 93.37% to Rs26.7 crore, mainly on account of foreign exchange losses.
The company had a net profit of Rs402.9 crore for the same quarter in fiscal 2008, M&M said in a filing to the Bombay Stock Exchange.
“Excluding the impact of the exchange loss and the exceptional profit, profit after tax during the quarter is Rs121.3 crore, against Rs238.8 crore in the third quarter last year,” the company said.
The gross revenue and other income of the company dropped to Rs6,354 crore for the quarter from Rs6,774.1 crore in the same quarter last year.
On the standalone basis, the company has posted a net profit of Rs1.2 crore, against Rs405.2 crore in the same quarter last fiscal.
For the nine month ended 31 December, the company posted a consolidated net profit of Rs809.5 crore, against Rs1,095.1 crore in the same period last year.
The company had witnessed an one-time exceptional profit of Rs157.1 crore in the Q3 last fiscal arising from certain changes in the holding structure of the company’s forging entities.
The lower profits during the quarter are also on account of an exchange loss of Rs 181.9 crore (Rs120.1 crore net of tax) suffered by the company due to rupee depreciation.
“This loss is mainly on account of cancellation of forward covers entered into the company to hedge certain anticipated exports,” the filing added.
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First Published: Sat, Jan 31 2009. 05 16 PM IST
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