New Delhi, May 29 (IANS): Automotive company, Mahindra & Mahindra on Friday said its net standalone profit during the fourth quarter of 2014-15 declined by 38.61 percent at Rs.550.56 crore against profit of Rs.896.88 crore in the corresponding timeframe in 2013-14.

The company said the slowdown in the automotive and farm equipment segments resulted in the decline of its profitability.

It reported a decline of 13.16 percent in its net sales at Rs.9,411.52 crore as against Rs. 10,837.89 crore in the year-ago quarter.

In the period under review, the company, alongwith its wholly-owned arm Mahindra Vehicle Manufacturers Ltd (MVML), sold 57,027 utility vehicles, while tractor sales stood at 34,682 units.

For the year ended March 31, 2015, the company reported a decline of 32.77 percent in its net consolidated profit which stood at Rs.3,137.47 crore against Rs.4,666.93 crore in the previous fiscal.

On a consolidated basis, net sales during 2014-15 stood at Rs.70,797.87 crore compared to Rs. 72,758.77 crore in 2013-14.