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Mahindra Earnings Jump 36%
India's Mahindra & Mahindra Ltd. posted a net profit of 9.1 billion rupees ($161 million) for the fiscal fourth quarter ended March 31 compared with 6.7 billion rupees ($119 million) a year earlier.
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India's Mahindra & Mahindra Ltd. posted a net profit of 9.1 billion rupees ($161 million) for the fiscal fourth quarter ended March 31 compared with 6.7 billion rupees ($119 million) a year earlier.
The improved earnings came from a one-time tax break and higher sales. Revenue climbed 37% to 103.3 billion rupees ($1.8 billion). The Mumbai-based SUV maker sold 63,500 passenger vehicles (+27%) and 56,300 tractors (-14%) in the January-March period.
For the full fiscal year, Mahindra netted 31.3 billion rupees ($544 million), up 2% from the previous 12 months, despite a 59% surge in revenue to 633.6 billion rupees ($11.2 billion). The company blames the sluggish results on its acquisition of South Korea's ailing SsangYong Motor Co. in March 2011.
Mahindra sold 202,200 passenger vehicles (+20%) and 236,700 tractors (+10%) in the fiscal year.
The company expects the current quarter to be weaker than the previous three months because higher taxes and fuel costs have slowed domestic vehicle sales. But Mahindra predicts India's market will rebound in the fiscal second half that begins on Oct. 1.
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