Mahindra & Mahindra net profit rises 6.36 percent

Mahindra & Mahindra net profit rises 6.36 percent

Tuesday, 31 May 2011, 06:16 Hrs
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Mumbai: Mahindra & Mahindra reported 6.36 percent increase in net profit at 606.54 crore for the quarter ended March 31 as against 570.26 crore during the same period of the previous fiscal.

The total income rose 27.78 percent at 6,778.17 crore during the quarter under review as against 5,304.63 crore during the same period of the corresponding financial year.

"The growth in the profit of the company despite the relentless increase in material costs is due to a good volume performance by both vehicle and tractors, tight control on expenses and prudent financial management resulting in lower interest costs," the company said in a regulatory filing.

During the fiscal, the utility vehicle segment of the company continued to do well by selling 230,110 units. While it exported 17,138 vehicles as against 10,567 vehicles during the previous fiscal.

The company has also recommended a dividend of 10.50 per ordinary equity share and also a special dividend of 1 per ordinary equity share aggregating 11.50 per ordinary share of the face value of 5 each.

At the Bombay Stock Exchange, the shares of the company closed 5.34 percent lower at 664.60.
Source: IANS
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