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M&M net grows by 9.7%

Snapshot: The Board of Directors of Mahindra and Mahindra Limited announced the unaudited financial results for the quarter ended 30th September 2013 for the company

The Board of Directors of Mahindra and Mahindra Limited announced the unaudited financial results for the quarter ended 30th September 2013 for the company.

The Gross Revenues and Other Income of MVML (Mahindra Vehicle Manufacturers Limited, located at Chakan near Pune) and M&M for the quarter ended 30th September 2013 is Rs. 9887.6 crore as against Rs. 10786.7 crore during the corresponding period last year. The Net Profit before tax for the current quarter is Rs. 1303.6 crore as against Rs.1327.2 crore in Q2 previous year showing a growth of 5.1%. The deceleration in the Gross Revenues in the quarter is due to the challenging times the Indian auto industry, with volumes shrinking by 4% during Q2,  is currently passing through. The profits however grew due to support from the strong sales performance by its Farm Equipment Sector and a tight control on material costs and all expenses.

In the Passenger Utility Vehicle segment, the company sold 47388 vehicles in the current quarter with a market share of 39.6%. In the Cars segment, the company sold 2879 Verito and Verito Vibe Cars. Also, in the wake of a good monsoon, the domestic tractor industry continued to show robust growth a growth of 21.2%. 

The Gross Revenues and Other Income of M&M for the quarter ended 30th September 2013 is Rs. 9890.6 crore as against Rs. 10891.4 crore during the corresponding period last year showing a growth of 9.7% in Net Proft after tax, while the Gross Revenues and other income of M&M during the half year ended 30th September 2013 is Rs. 20778.4 crore with a growth of 18.4% as compared to the previous year.

The Group’s recent acquisition Ssangyong Motor Company Limited, South Korea, which had broken even in Q1, continued its profitable ways with a 20% growth in consolidated revenues and a 114% growth in results. The Mahindra Group as on 30th September 2013 comprised of 130 Subsidiaries, 7 Joint Ventures and 10 Associates. A full summation of Gross Revenues and other income of all the group companies taken together for H1 F2013 is Rs. 47442.7 crore (USD 8.4  billion).

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