Mahindra & Mahindra's Jan-Mar quarter net profit rises 20% at Rs 725 crore

M&M's total income from operations during the fourth quarter rose to Rs 12,319.64 crore, up 4.04 percent from Rs 11,840.47 crore a year earlier

PTI May 30, 2017 17:26:43 IST
Mahindra & Mahindra's Jan-Mar quarter net profit rises 20% at Rs 725 crore

Mumbai: Homegrown auto major Mahindra & Mahindra (M&M) Tuesday reported a 19.93 percent increase in its standalone profit-after-tax (PAT) at Rs 725.16 crore for the fourth quarter ended March 2017.

The company had posted a PAT of Rs 604.63 crore during the same period a year ago.

Its total income from operations during the fourth quarter rose to Rs 12,319.64 crore, up 4.04 percent from Rs 11,840.47 crore a year earlier, M&M said in a regulatory filing.

Mahindra  Mahindras JanMar quarter net profit rises 20 at Rs 725 crore

Reuters

The company's vehicle sales remained flat at 1,30,778 units during the fourth quarter. It sold 46,583 tractor units during the period under review, up 13.3 percent from the same period a year ago.

For the entire fiscal 2016-17, the company posted a standalone net profit of Rs 3,955.65 crore, up 23.43 percent from Rs 3,204.57 crore in the previous year.

Total income for the last fiscal rose to Rs 48,438.53 crore as compared to Rs 44,488.83 crore in 2015-16.

M&M took a hit of Rs 171 crore on account of the Supreme Court's ban on BS-III vehicle sales from 1 April.

Commenting on the numbers, the company said the outlook for 2017-18 is much more robust with a favourable domestic and global backdrop.

"Moreover, the ongoing remonetisation process and lagged effect of past rate cuts along with a further reduction in banks' lending rates will aid discretionary consumer spending and growth recovery," it said.

Focussed expenditure, especially on the rural economy and affordable housing, the GST rollout and steps to attract higher foreign direct investment (FDI) will also be supportive of growth, it added.

"Importantly, notwithstanding initial challenges, the GST implementation entails sustained positive gains for the economy in the long term," M&M said.

The Mumbai-based company's board, which met today, has recommended a dividend of Rs 13 per equity share of the face value of Rs 5 each.

Shares of the company today ended 0.82 percent up at Rs 1,362 per scrip on the BSE.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Sensex surges by over 300 points in early trade; Nifty rises by 81.5 points
Business

Sensex surges by over 300 points in early trade; Nifty rises by 81.5 points

ONGC was the top gainer in the Sensex pack, rallying around 6 percent, followed by L&T, Bajaj Finance and Bajaj Finserv

Sensex tumbles by over 300 points in early trading; Nifty falls below 15,300
Business

Sensex tumbles by over 300 points in early trading; Nifty falls below 15,300

Nestle India was the top loser in the Sensex pack, shedding around 4 percent, followed by ONGC, HDFC, TCS, PowerGrid and ICICI Bank

Samsung Galaxy M31s receives a Rs 1,000 price cut, now priced starting Rs 18,499
News & Analysis

Samsung Galaxy M31s receives a Rs 1,000 price cut, now priced starting Rs 18,499

The Samsung Galaxy M31s price cut will be applicable through Amazon and the Samsung India online store.