MIL/Agencies, May 29, 2007. Author:
Mumbai, 29 May 2007 - Utility vehicle and tractor manufacturer, Mahindra and Mahindra (M&M), has posted a decline in net profit to Rs 236.04 crore for the quarter ended March 31, 2007 compared with Rs 321.17 crore in the corresponding quarter of the previous year.
The last year’s Q4 results, however, included a profit of Rs 146.54 crore on account of the initial public offer of M&M Financial Services. Profit in the March 2007 quarter, before exceptional items such as profit on the sale of long term investments (Rs 15.55 crore), rose by 35 per cent to Rs 240.94 crore from Rs 175.63 crore during the same quarter last year.
The income from operations grew by 20.85 per cent to Rs 2782.81 crore for the reporting quarter, from Rs 2302.60 crore during the same quarter of the previous year.
“The rising interest rates have not affected our passenger vehicle sales although our commercial vehicle sales have been affected as they are bought by customers who are more sensitive to price hike”, said Pawan Goenka, president, M&M (automotive sector).
The net profit for the year ended March 31, 2007 grew by 24 per cent at Rs 1068.3 crore as compared with Rs 857.1 crore during the same period last year.
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