M&M’s Q4 standalone net profit up 20%

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Mumbai, May 30 (IANS) Mahindra and Mahindra on Tuesday reported a rise of 19.93 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17.

According to the company, its standalone net profit during the quarter under review rose to Rs 725.16 crore from Rs 604.63 crore reported in the corresponding period of 2015-16.

The Q4 standalone total income of the company inched higher by 4.04 per cent to Rs 12,319.64 crore from Rs 11,840.47 crore earned in the corresponding period of the previous fiscal.

On a full financial year 2016-17 basis, M&M reported that its standalone net profit increased by 23.43 per cent to Rs 3,955.65 crore from Rs 3,204.57 crore earned in the previous fiscal.

On the group level, the company reported a 13.95 per cent surge in its consolidated profit to Rs 4,050.53 crore for the fiscal year from Rs 3,554.50 crore reported in 2015-16.

The company pointed out that the Supreme Court’s March 29, 2017, orders on the sales issue of non BS-IV compliant vehicles caused a negative impact of Rs 171 crore.

“The outlook for 2017-18 is much more robust with a favourable domestic and global backdrop,” the company said in a statement.

“On the domestic front, the economy is set to experience a growth recovery… Monsoon is forecast to be normal for the second consecutive year which bodes very well for demand recovery.”

The company’s Board of Directors has recommended a dividend of Rs 13 per share of face value Rs 5.

–IANS

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