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The company said the figures are not comparable from the year-ago levels due to the merger of its associate companies. “During the quarter pursuant to a scheme of arrangement approved by the Bombay High Court the company's subsidiary, Mahindra Engineering Services ltd along with its subsidiaries merged with Tech Mahindra Ltd, an associate of the company,” the company said.
The automotive business revenue stood at INR 10,691.28 crore, as against INR 11,984.43 crore in the year-ago quarter, while that of farm equipment stood at INR 4,049.16 crore as compared to INR 4,668.14 crore in the previous fiscal period. IT services clocked revenue of INR 89.35 crore as against INR 78.42 crore in the same period last fiscal, the company said, adding the financial services segment registered revenue of INR 1,521.63 crore as against INR 1,366.14 crore.
On a standalone basis, the Mahindra & Mahindra posted third-quarter net profit of INR 942 crore as against INR 934 crore in the same period last fiscal, while revenue was at INR 10,188 crore as against INR 11,295 crore.
On the outlook, the company said: “While domestic demand still remains relatively weak, both consumer sentiment and business sentiment today are significantly stronger than was the case six months ago, which bodes well for business performance in the next fiscal.
“The external economic environment, however, remains weak and riddled with risks. As a consequence, while our outlook on the economy is distinctly more positive than it was six months ago, we remain alert to the possibility of ripple effect emanating for a sudden and Sharp deterioration in the extant global economic climate.” Shares of Mahindra & Mahindra were trading at INR 1,178.55 per scrip in the afternoon trade, up 3.93 per cent from the previous close on the BSE.