M&M Q3 net at Rs 413 cr on healthy sales

Domestic auto major Mahindra & Mahindra today reported a net profit of Rs 413.7 crore for the third quarter ended December 2009, on the back of strong sales in both automotive and farm equipment sectors.

It had a net profit of Rs 43.6 crore for the same period previous fiscal, Mahindra & Mahindra (M&M) said in a filing to the Bombay Stock Exchange.

"The company has incorporated the figures of company's erstwhile subsidiary Punjab Tractors which merged with the company ... They (results) are not comparable," it said.

Total income stood at Rs 4,521.4 crore for the third quarter ended December 31. It had a total income of Rs 2,929.5 crore in the same period previous fiscal.

The board of the company has approved sub-division of shares in the ratio 1:2 which means a share of face value of Rs 10 will be divided into two shares of Rs 5 each, it said.

The company recorded a volume growth of 73.4 per cent in the utility vehicle segment. It sold 50,602 vehicles in third quarter ended December as against 29,184 vehicles in third quarter ended FY'09.

During the quarter, the company's domestic sales under Mahindra and Swaraj brands were 41,074 units against 29,754 units in the same quarter last year.

Shares of Mahindra & Mahindra were trading at Rs 1,081 on BSE, down by 4.47 per cent from its previous close.