Gross Revenues increase by 51.2% and Profit Before Tax increases by 972% over corresponding period last year
The Board of Directors of Mahindra and Mahindra Limited today announced the unaudited financial results for the quarter ended 31st December 2009 for the company and for the consolidated Mahindra Group.
Q3 F2010 – M&M Standalone results
The Gross Revenues and Other Income of Mahindra & Mahindra Ltd. for the quarter ended 31st December 2009 is Rs.4920.3 crores as against Rs.3255.1 crores during the corresponding period last year – a growth of 51.2%. The Profit before tax for the quarter is Rs.587.3 crores as against Rs.54.8 crores in Q3 last year – a growth of 972%. Profit after Tax for the current quarter is Rs.413.7 crores as against Rs.43.6 crores in Q3 last year – a growth of 849%.
While the lower base for Q3 last year has an impact on the profit growth percentages, the financial results of the company for the quarter are nevertheless outstanding largely due to a strong sales performance by both Automotive and Farm Equipment Sectors. The government’s stimulus package and easy availability of retail consumer finance continued to be conducive for good sales. Also the commodity prices, though they started to firm up during the quarter, were much lower than the peak levels reached last year.
In the current quarter, the company recorded a volume growth of 73.4% in the Utility Vehicle (UV) segment against an industry growth of 66.2%. It sold 50,602 vehicles in Q3
F2010 as against 29,184 vehicles in Q3 F2009 and thus reinforced its dominant position in the market by increasing its market share to 63.2% in the current quarter from 60.6% in Q3 last year. The volume and market share growth of the company was driven by the sales of Xylo, the refreshed version of the Scorpio and the all time customer favourite ‘Bolero’. In the Pick-Up segment, the company registered a volume growth of 60% and posted a market share of 78%. In October 2009, the company launched the Mahindra Gio, India’s first 4 wheel 0.5 ton Compact Truck. A category creating vehicle in the cargo commercial vehicle segment, the Mahindra Gio combines the style, status, comfort and safety of a four wheeler with the low operating and maintenance cost of a three-wheeler. The new launch has been well received by the customers.
During the current quarter, the domestic tractor industry sales grew strongly by 37% to
98536 tractors against 71939 tractors sold during Q3 last year. The company’s domestic tractor sales under Mahindra and Swaraj brands were 41074 nos. during the current Q3 against 29754 nos. sold in Q3 last year- a growth of 38%. The company’s total market share during the quarter stood at 41.5% as against 41.2% in Q3 last year.