One-time gain of Rs 157 cr boosts Mahindra net 67%(The Hindu Business Line 31th Jan 2008)A one-time gain of Rs 157 crore has enabled Mahindra and Mahindra to report a 67 per cent increase in the third quarter net profit at Rs 405 crore against Rs 242 crore in the year-ago period.
Excluding this exceptional income — arising out of the merger of subsidiaries — the profit increased only three per cent to Rs 249.5 crore.
Total income rose 14 per cent to Rs 2,980 crore from Rs 2,617 crore. Despite higher sales, profit was lower mainly on account of higher expenses. Mr Uday Phadke, President Finance, Mahindra and Mahindra, said the company’s margins were under pressure on account of higher finance cost due to the recent large acquisitions, increased R&D expenses and a rise in staff cost. More
Excluding this exceptional income — arising out of the merger of subsidiaries — the profit increased only three per cent to Rs 249.5 crore.
Total income rose 14 per cent to Rs 2,980 crore from Rs 2,617 crore. Despite higher sales, profit was lower mainly on account of higher expenses. Mr Uday Phadke, President Finance, Mahindra and Mahindra, said the company’s margins were under pressure on account of higher finance cost due to the recent large acquisitions, increased R&D expenses and a rise in staff cost. More
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