Mahindra’s Q4 net rises 89% to Rs 418 cr
The Board of Directors of Mahindra and Mahindra Limited today announced the financial results for the quarter ended 31st March 2009 of the company and the audited results for the year ended 31st March 2009 for the company and the consolidated Mahindra Group.
The Gross Revenues and Other Income of Mahindra & Mahindra Ltd. for the quarter ended 31st March 2009 is Rs.4171.6 crores as against Rs.3666.3 crores during the corresponding period last year - a growth of 13.8%.
The Net Profit before tax from ordinary activities for the quarter is Rs. 508.6 crores as against Rs.304.8 crores in Q4 last year - a growth of 66.9%. After providing for tax, the same is Rs. 418.1 crores for the current Q4 as against Rs. 221.1 crores in the same period last year - a growth of 89.1%.
The Scheme of Arrangement for the merger of Punjab Tractors Ltd. (PTL) with the company was approved by the Punjab & Haryana High Court during the current quarter and the company has given effect to the same w.e.f. 1st August 2008 as per the order.
During the quarter the Ministry of Corporate Affairs issued a notification providing companies with an option, with retrospective effect from 1st April 2007, to capitalize exchange differences arising on foreign currency loans to the extent they were used to finance fixed assets and amortize the balance equally over the period up to 31st March 2011 or the date of maturity of loan whichever is earlier.
The company has chosen to adopt the above option. Excluding the impact of exchange difference and other special/exceptional items (see annexure) the PAT for the current Quarter was Rs.279.5 crores as against Rs.208.9 crores in Q4 last year - a growth of 33.8%.
The current quarter continued to be an extremely challenging one for both auto and tractor businesses. Though there was a some improvement in the consumer sentiment and credit availability, the after effects of the global financial meltdown continued to be felt during the quarter.
The company's sales of UVs, as compared to an industry decline of 11%, grew by 12% to 48088 nos. against 42999 nos. sold in Q4 last year. The company achieved a dominating market share of 63% in the UV market during the quarter. This strong performance was mainly due to the excellent sales of Bolero and Xylo.
The response to the launch of Xylo was especially heart-warming with bookings crossing the 15000 mark in the first three months of the launch. The domestic tractor demand witnessed a decline of 2.3% during the quarter.
The company's domestic tractor sales excluding the Swaraj tractors were 19426 nos. during the quarter against 20360 nos. sold in Q4 last year. The sale of Swaraj tractors during the quarter was 9253 nos. as against 7895 nos. sold in Q4 last year- a growth of 17.2%.
Including Swaraj Tractors, the Company's sales during the current quarter grew by 1.5% to 28679 nos. as compared to 28255 nos. in Q4 last year and its market share was 38.9%.
[Via: infibeam]