M&M Group net up 17% at Rs 798.7 cr in Q2

The Mahindra Group today said its consolidated group net profit rose 17 percent to Rs 798.7 crore in the quarter to September from Rs 682 crore a year ago, driven by all-round good performance of subsidiaries. The gross revenue and other income for the quarter grew by 17.7 percent to Rs 17,973.4 crore against Rs 15,267.6 crore Y-o-Y.

During the quarter, some of the major group companies like Mahindra Finance, Mahindra Satyam and Mahindra Holidays significantly improved their performance. While Mahindra Finance grew its consolidated revenue by 46 per cent and its profit by 42 per cent, Mahindra Satyam's consolidated revenue grew by 23 percent with a 17 per cent increase in profit, and Mahindra Holidays operating revenue grew by 11 per cent with a profit growth of 12 per cent, the automobiles-to-software conglomerate said in a statement.

During the quarter, due to the disposal of shares by a joint venture partner, Tech Mahindra became an associate of the company with effect from September 1 and its gross revenue and other income have been included in this consolidation only up to August 31, the company said. It said that in view of this, the consolidated revenue for the current quarter and half year are not strictly comparable with that of the corresponding periods in the previous year.

As of the September quarter, the USD 15.9-billion M&M Group had 118 subsidiaries, 5 joint ventures and 12 associates.

Source: www.moneycontrol.com

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