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M&M Q4 net up 89% at Rs 418 cr, declares 100% dividend

New Delhi, May 28, 2009

Auto major Mahindra & Mahindra reported an 89.09 percent jump in its net profit at Rs 418.07 crore for the quarter ended March 31, 2009.

The company had a net profit of Rs 221.10 crore in the March quarter of FY'08, M&M said in a filing to the Bombay Stock Exchange.

The total income increased 17.02 percent at Rs 3,715.88 crore during the quarter as against Rs 3,175.45 crore in the corresponding period the previous fiscal.

The board has declared a dividend of 100 percent at the rate of Rs 10 a piece, on shares of the face value of Rs 10 each, for the financial year ended March 31, 2009.

However, in the fiscal year 2008-09, M&M's audited consolidated net profit fell 10.55 percent to Rs 1,405.41 crore from Rs 1,571.12 crore in the previous fiscal.

The company's total income, however, rose 10.12 percent to Rs 26,919.81 crore in FY'09 from Rs 24,445.29 crore in FY'08.

Last year, M&M had merged Punjab Tractors Ltd with itself and the consolidated figures of the firm include the profits of PTL, the company said.

On a standalone basis, M&M reported a 21.38 percent dip in net profit at Rs 867.51 crore for FY'09. The standalone total income rose to Rs 13,364.02 crore during the fiscal, from Rs 11671.64 crore in the year-ago period.

Shares of M&M surged nearly six percent to a high of Rs 662 on the BSE.

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