M&M Q2 net shoots 241% on merger, IPO
Mahindra & Mahindra reported a 241.7 pc surge in net profit for the period between July-September 2009, thanks to the combined effect of the merger with Punjab Tractors, the IPO of subsidiary MHRIL, and higher sales realisation in automotives.business Updated: Oct 30, 2009 02:29 IST
Utility vehicle major Mahindra & Mahindra on Thursday reported a 241.7 per cent surge in net profit for the period between July-September 2009, thanks to the combined effect of the merger with Punjab Tractors, the initial public offering of subsidiary Mahindra Holidays and Resorts India Ltd (MHRIL), and higher sales realisation in automotives.
M&M’s net profit for the quarter was Rs 702.9 crore against Rs 205.7 crore during the same period last year. This included the exceptional profit of Rs 90.8 crore that the company raised in MHRIL’s IPO.
M&M's gross revenue during the quarter grew by 31.9 per cent to Rs 5,188.9 crore.
"Great performance by the auto and tractor leadership. Must have done something good in my last life to deserve this team," Vice Chairman Anand Mahindra wrote on Twitter.