Mahindra net dips by 4% to Rs 947 crore

MUMBAI: Auto major Mahindra & Mahindra on Friday reported a 4.33% decline in standalone net income at Rs 947 crore in the three months to September due to poor sales following a weak monsoon in some parts of the country. On a standalone basis, net sales stood at Rs 9,418.10 crore, up 6.84% from Rs 8,814.33 crore earlier.
Executive director & president for automotive and farm equipment sectors Pawan Goenka said the tractors sector is unlikely to meet the earlier forecast of 5 per cent growth in the fiscal and the company will soon revise the estimates.
"We said last quarter that at the end of the festive season, we will take a call again, we had talked about a growth of 5-10% with bias towards 5%. At the end of first half, there is a small degrowth in tractor sales, so it is very unlikely to see a growth of 5%, but we will take a fresh call soon," he said, talking to reporters.
He also negated the possibility of the four-wheeler segment logging 10% growth in FY15.