Mahindra and Mahindra profits down 99%

Mahindra and Mahindra profits down 99%

Indian automaker Mahindra and Mahindra has reported that their profits are down over 99 per cent to Rs 11.96 million in the quarter that ended in December last year.

This was down from Rs 4.05 billion in the same period in the previous year.

Mahindra’s total income decreased to Rs 25.62 billion compared to Rs 29.8 billion in the third quarter of the previous year.

The company said that this was mostly due to exchange losses and the slowing down global economy.

Mahindra added that for the first three quarters of the year, their net profits were Rs 5.8 billion as against Rs 6.52 billion a year ago.