HM has to be the bravest car manufacturer in the whole world!
Hindustan Motors has reported a decline of 79.37 percent in its standalone net profit for the quarter ended 31st March 2008, at Rs 10.95 crore, compared to Rs 53.07 crore in the same period in 2007. (Of course, with its terribly outdated cars and near-defunct dealer network, it’s a wonder the company is making any profit at all. But wait, that’s not all – read on…)
HM’s total income during the quarter actually increased by 23.06 percent, at Rs 194.22 crore, against Rs 157.82 crore in the year ago period. The audited standalone net profit for the year ended 31st March 2008 was at Rs 30.84 crore, compared to Rs 13.30 crore last fiscal, an over two-fold jump.
HM's total income for 2007-08 also increased by 6.70 percent, at Rs 677.89 crore, against Rs 635.34 crore during previous financial year.
The company says on its website, 'The leader in the Indian Automobile Industry, creating Customer Delight and Satisfaction through product and services. Enhancement and Respect of Human Resources. A pride of India.' Indeed, HM is not giving up anytime soon...!
