M&M Q4 net up 110% to Rs 321 crore

The country's largest tractor and utility vehicle maker Mahindra & Mahindra has posted 110-per cent growth in quarterly profits, riding on one-time gains.

Its net profit for the quarter ended March 2006, went up to Rs 321.17 crore, from Rs 152.66 crore reported in the previous corresponding period.

Out of this, the company received Rs 146 crore by selling its shares in Mahindra & Mahindra Financial Services (MMFSL). Excluding the income from sale of MMFSL share, the profit after tax grew by 14.63 per cent.

The company has reported a net sales of Rs 2,288.83 crore for the quarter, a 19.79-per cent growth over Rs 1,910.68 crore reported in the previous corresponding period.

The board has declared 100-per cent dividend for 2005-06. This was 30 per cent lower than the figure in 2004-05. The M&M stock closed at Rs 591.50 on the BSE today, 0.14 per cent lower than the previous close of Rs 592.35.

For the year ended March 2006, M&M has reported a net profit of Rs 857.10 crore, a growth of 67.18 per cent compared to Rs 512.67 crore reported in the previous financial year.

The company has reported a net sales of Rs 8,222.67 crore for the year, a growth of 23.45 per cent over Rs 6,660.55 crore reported in the previous year.

On a consolidated basis, the M&M group has reported a net profit of Rs 1,399.57 crore for the year ended March 2006, a growth of 102.41 per cent over Rs 691.45 crore reported in the previous year.

"The year is special to the Mahindra & Mahindra group. Out of the total consolidated sales, 33 per cent has been contributed by the non-Mahindra business and 48 per cent of the net profit has come from non-Mahindra stable," said Anand Mahindra, vice-chairman and MD, M&M.