May 29, 2018 3:10:02 pm
Mahindra & Mahindra today posted 50 per cent jump in net profit to Rs 1,155 crore for the March quarter, driven by robust sales across segments including utility vehicles and tractors. M&M had reported a net profit of Rs 770 crore during the January-March quarter of the previous fiscal.
Its revenue and other income rose by 24 per cent to Rs 13,355 crore during the fourth quarter of 2017-18, compared to Rs 10,795 crore in the year-ago period, M&M said in a regulatory filing. For the year ended March 31, 2018 the company posted a net profit of Rs 4,623 crore, up 18 per cent, from Rs 3,924 crore in 2016-17. Revenue for the year rose to Rs 48,529 crore, up 14 per cent, from Rs 42,584 crore in 2016-17.
During the fourth quarter, the utility vehicle major sold 1,56,453 units, up 20 per cent, from 1,30,778 units in the January-March period of 2016-17. It sold 66,885 tractors during the period under review, up 44 per cent, from 46,583 units in same period of previous fiscal.
The Mumbai-based company also exported 12,459 units during the fourth quarter, up 14 per cent from 10,939 units in January-March period of 2016-17. “For the year 2017-18, improvement in overall economic sentiment, two consecutive years of normal monsoon, government’s focus on development of agri and rural sectors, with continued investment in infrastructure,coupled with easy availability of affordable finance, helped drive the demand for the automotive as well as the tractor industry,” M&M said.
On the outlook, the company said escalation in geo-political risks, trade frictions, tightening monetary conditions, and higher crude oil prices could pose downside risks to global trade and demand growth outlook. The company’s board, which met today, recommended a final dividend of Rs 7.50 per share of face value of Rs 5 each. M&M shares were trading 1.71 per cent up at Rs 864.10 on BSE.
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