Mahindra & Mahindra see increased profits

Mahindra & Mahindra see increased profits

Mahindra & Mahindra has been reporting huge growth in volume and this has led to a 60.5 per cent rise in its consolidated net profit for the year ended March 31, 2005. The company reported figures of Rs 724.07 crores as against Rs 451.12 crores in 2003-04.

As a result of these improved showings, the board of the company has recommended a dividend of 100 per cent. In addition, they would also give away a special dividend of 30 per cent aggregating 130 per share (Rs 13 per share). This would absorb Rs 171.97 crores inclusive of tax from the company’s reserves.

The total income of the company for the reporting year stood at Rs 9,565.51 crores as against Rs 7,035.49 crores in FY-04. The figures were revealed by the M&M Executive Director (Finance and Corporate Affairs), Bharat Doshi. He also notified that the company’s vehicles have shown an increase in sales figure.

For the last financial year, the company utility vehicles sales grew 22 per cent and they crossed the one lakh mark touching an impressive figure of 1,11,138 vehicles.