M&M bottomline up 75% to Rs 233.5 cr

BS 200 SCORECARD

Auto and farm equipment major Mahindra & Mahindra has reported 75 per cent growth in net profit at Rs 233.5 crore for the third quarter ended December 2005 compared with Rs 133.2 crore recorded in the previous corresponding quarter.

Net sales stood at Rs 2,207.2 crore for the quarter, a growth of 25 per cent over Rs 1,772.3 crore in the previous corresponding period.

"The improvement in profit was due to strong sales. In addition, profit on exceptional items amounted to Rs 46.9 crore during the quarter mainly due to transfer of light commercial vehicles for Rs 48.4 crore to a joint venture between M&M and International Truck and Engine Corporation," said Bharat Doshi, chief financial officer.

M&M reported profit before tax of Rs 317.55 crore for the quarter, up 62.19 per cent over Rs 195.78 crore reported in the previous corresponding period.

On a consolidated basis, the company reported net profit of Rs 303.6 crore, growth of 78 per cent over Rs 170.9 crore in the previous corresponding period. Consolidated gross sales stood at Rs 363.98 crore, up 32 per cent over Rs 275.37last year.

During the quarter, the company's utility vehicles sales stood at 29,594 units as against 28,497 units in the year-ago period.

Sales of LCVs declined by 7 per cent to 1,541 units. In the large three-wheeler segment, sales declined by 14 per cent to 4,934 units as against last years 5,756 units. Exports grew by 75 per cent to 1,432 vehicles for the quarter as against 819 vehicles a year ago.

During the quarter the company sold 24,018 tractors including exports as against 19,027 tractors in the previous corresponding period.