Mumbai, May 28 (UNI) India's top utility vehicle and tractor maker Mahindra&Mahindra Limited has posted a 6.33 per cent fall in its Q4 net profit due to high input cost.
The net profit of the Company dropped to Rs 221.10 crore for the quarter ended March 31, 2008 from Rs 236.04 crore in the corresponding quarter of previous year.
However, the gross revenues grew by 15.1 per cent at Rs 3,654.5 crore from Rs 3,176.5 crore during the same period last year.
The board of directors have recommended a dividend of 115 per cent, Rs 11.50 per share, M&M stated today.
On annual basis, the net profit has increased by 3.3 per cent at Rs 1,103.4 crore for financial year 07-08 against Rs 1,068.4 crore, a year before. While, gross revenue rose to Rs 13,238 crore against Rs 11,558 crore during the same period last year.
The Company maintained a double digit operating margin, though less than previous year, despite a very challenging economic environment in which tractor demand decelerated and input costs surged sharply, Executive Director and group CFO Bharat Doshi said.
Sharp increase in the input costs brought margins under pressure and an appreciating rupee eroded export profitability, Mr Doshi said.
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