Press Club of India, Indian Tehalka News
During the year, some of the major group companies improved their performance
The combined net profit of Mahindra and Mahindra and its wholly-owned subsidiary Mahindra Vehicle Manufacturers rose 14 per cent to Rs.668 crore for the quarter ended March 2016 due to the introduction of new vehicles and steps taken to reduce the cost of production. The combined entity’s net profit was Rs. 586 crore during the same period last year. Gross revenue and other income increased to Rs.11,669 crore from Rs.10,064 crore.
During the fourth quarter — when the passenger vehicle market in India grew 2.5 per cent with the utility vehicle segment registering a 15.2 per cent growth — the combined entity continued its leadership position in both the utility vehicle segment and the domestic tractor market with a market share of 41 per cent and 39.2 per cent respectively. In the utility vehicle segment, the company sold a total of 69,082 vehicles, a growth of 21.1 per cent. The combined entity sold 41,129 tractors in the domestic market, registering a growth of 18.6 per cent.
For the year ended March 31, 2016, the combined entity reported a net profit of Rs.3,298 crore against Rs.3,423 crore in the previous year. These figures are not comparable because in the last financial year, the company reported exceptional gains of Rs.336 crore, a top company official said.
During the year, the company reported a total income of Rs.43,918 crore as against Rs.40,997 crore, up 7.1 per cent.
The board of directors recommended a dividend of Rs.12 (240 per cent) per share of face value Rs.5.
For the year ended March 31, 2016, the Mahindra Group reported a consolidated net profit of Rs.3,211 crore against Rs.3,137 crore in the year-earlier period. Total income was at Rs.83,207 crore against Rs.75,514 crore.
“While the macroeconomic environment in India continues to improve, the pace of growth recovery has, thus far, remained modest and patchy…. Thus, even as we remain alert to the downside risks emanating from a challenging global environment and domestic banking distress, the company’s outlook on the economy remains upbeat and it looks to the future with confidence,” Pavan Goenka, Executive Director, M&M said.
From: The Hindu