Mahindra Group Net profit dipped by over 99%

India's leading car manufacturer, Mahindra group's net profit dipped by over 99% due to slowing car sells. The news is not so surprising because almost all leading car manufacturers around the world receiving the same fall in their profits. Many car manufacturers in India like Maruti India, Tata Motors also received falls in their net profits in last quarter of 2008.

According to company officials Mahindra Group's net profit for last quarter dipped by over 99%. Net Profit for quarter ended in December 2008 was Rs 11.96 million while the net profit for same quarter of last year was Rs. 4.05 Billion. The Mahindra group's total income lowed down from Rs 29.8 billion in the corresponding period last year to Rs 25.62 billion for the third quarter, according to MM statement.

According to company the main reasons behind this dip in net profit were global financial crisis, high inflation and exchange losses.