Mahindra & Mahindra Limited net profit 30% for Q3 of FY2013
Mahindra & Mahindra Limited net profit 30% for Q3 of FY2013. Profit before tax was recorded at Rs. 1,177.4 crore while profit after tax was recorded as Rs. 915 crore.
Profit before tax was recorded at Rs. 1,177.4 crore while profit after tax was recorded as Rs. 915 crore. Growth in this section has been registered at 29.6% while operating margin for combined entity is 13.5% respectively. Passenger utility vehicle segment continued to do well with all models registering a significant sales growth. The company also expanded its UV segment with inclusion of the Ssangyong Rexton that has been received enthusiastically by customers.
Domestic industry growth too saw a marginal increase for the current quarter clocking a 3.9% growth. Engine revenue too saw growth of 11% during the current quarter. Last year saw some much need regulatory reforms and policies being implemented by the government that has helped improve overall business for manufacturers in India.
At the end of last month, Reserve Bank of India (RBI) cut key interest rate by 0.25%, a first in 9 months. In reference, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra Ltd, Dr Pawan Goenka had this to say, “Over the past few months, the economic growth has clearly bottomed out and the slowdown in manufacturing is a concern. Today’s combo of a repo as well as CRR cut is a welcome announcement and hopefully will help revive investments in the core sectors which the economy needs. Coupled with the recent policy announcement by the Government, I see this as a good beginning.”