Utility Vehicles manufacturer Mahindra & Mahindra has reported a 140% rise in net profit for the fiscal year 2003-2004 to €65.75 million (INR3.49 billion). Net revenues shot up 31% from €852.3 million (INR45.17 billion) to €1.116 billion (INR59.15 billion).
Go deeper with GlobalData
“The improvement in profits is mainly on account of three key factors: substantial increase in volumes, continuous focus on cost improvement and sharp reduction in interest costs,” said M&M executive director (finance) Bharat Doshi.
At 117,000 units, the company sold 35% more vehicles during the year. Most were the Scorpio SUV and utility vehicle sales increased 34% to 91,434 units. Tractor sales increased to 49,576 from 47,028 the previous year.
The company retired some of its high interest burden during the year, reducing it from €16.4 million (INR869 million) to €9.73 million (INR516 million) in 2003-2004.
Due to the upbeat results, the company board has recommended a dividend of 90% (INR9) per share and a total outgoing of €22.22 million (INR1.18 billion) including taxes.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDeepesh Rathore / Tilak Swarup
