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Mahindra Ekes Out Quarterly Earnings Gain
Mahindra & Mahindra Ltd. boosted net profit to 8.9 billion rupees ($158 million) in the fiscal fourth quarter ended on March 31 from 8.7 billion rupees ($155 million) a year earlier.
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Mahindra & Mahindra Ltd. boosted net profit to 8.9 billion rupees ($158 million) in the fiscal fourth quarter ended on March 31 from 8.7 billion rupees ($155 million) a year earlier.
Operating profit climbed 42% to 12.3 billion rupees ($219 million) for a 14.4% return on sales compared with 12% in the same period of 2012.
Quarterly revenue grew 12% to 103.5 billion rupees ($1.8 billion). SUV sales increased 23% to 72,100 units, more than offsetting a 5% decline to 46,100 units for agricultural vehicles.
For the full year, Mahindra's net and operating earnings climbed 31% to 41 billion rupees ($729 million) and 30% to 47.8 billion ($850 million), respectively. Revenue rose 17% to 744 billion rupees ($13.2 billion).
The company cautions that mounting competition in India's SUV market is likely to continue eroding its market share. Mahindra's SUVs captured 48% of that segment in the 2012-2013 fiscal year, down from 56% the previous year, Reuters notes.
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