Auto major Mahindra & Mahindra (M&M) has posted 15 per cent rise in net profit to Rs 263.48 crore in 1999-2000 following higher margins and lower interest outgo. Net sales and income from operations during the year increased to Rs 3569.20 crore, up 3.06 per cent from last year. Other income during the year increased 23.6 per cent to Rs 133.56 crore. Depreciations costs were up 10 per cent to Rs 123.27 crore. The company reduced its interest, commitment and finance charges by 6.85 per cent to Rs 141.45 crore following the conversion, buyback or redemption of outstanding foreign currency convertible bonds. The company has no outstanding foreign currency borrowings as of March 31, 2000.
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