Mahindra and Mahindra to launch more products in next Half
Mr Anand Mahindra, who is the chairman of Mahindra and Mahindra said that the company would launch more products in the October-March period of this fiscal in order to fight volatility in the sector, its chairman Anand Mahindra said today.
We are confident that with the products we have in the pipeline, our power to spring back resiliently remains intact and you will see it being unleashed in the second half of this year
said Mr Anand Mahindra to shareholders at the annual general meeting of the company.
Dwelling the strongly on the importance of resilience, Mahindra compared the flagship company of the group with the bamboo, saying it has shown the same characteristics in the face of difficulties witnessed through the year.
Mr Anand Mahindra said that the auto sales slipped by 10% in the last quarter of the fiscal and sales in the high-margin tractor segment plummeted by 30%, which was last seen in the 3rd quarter of 2009, when the company first posted a profit of Rs 1 crore.
This time around, in spite of double the volume drop for tractors – in fact, the largest volume drop in a decade, we still generated a profit after tax for the quarter of Rs 617 crore after adjusting exceptional and one-time items and an operating profit margin of 11.8 per cent
Mr Mahindra said.
Mahindra said that between 2014 to 2015, half of the top 10 original equipment manufacturers in the auto industry in the country have registered a decline due to a very weak demand across the globe.
Source: Economic Times