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Corporate Feb 21, 2012

Mahindra Satyam shines in group’s Q3 profit of Rs 832 cr

New Delhi: Diversified business group Mahindra & Mahindra today posted a consolidated profit of Rs 831.8 crore for the quarter ended 31 December 2011 owing to handsome contribution of group entities like Mahindra Satyam, Mahindra Finance and Mahindra Forgings.

The homegrown business house had posted a consolidated net profit of Rs 834 crore during the third quarter of the previous financial year.

Vice Chairman and managing director, Mahindra & Mahindra, Anand Mahindra. Reuters

The consolidated gross revenue of the group during the quarter stood at Rs 16,488.4 crore, while the same was at Rs 10,223.4 crore in the year-ago period, Mahindra & Mahindra (M&M) said in a filing to the BSE.

The company said the numbers are not comparable with those of the same period previous year as the "Q3 FY'11 revenue and PAT did not include those of SsangYong Moto Company Ltd and its subsidiaries".

Besides, in the third quarter of the last fiscal, there was an exceptional profit of Rs 84 crore arising from the sale of the company's holdings in Owens Corning India, it added.

"On a comparable basis, the growth in group revenue in Q3 FY'12 over Q3 FY'11 is 27.6 per cent and in group PAT after deducting minority interests is 13.2 percent," M&M said.

As on 31 December 2011, the Mahindra & Mahindra group comprised 112 subsidiaries, six joint ventures and 13 associates.

Shares of M&M were trading up by 1.10 percent at Rs 757.55 apiece on the BSE in afternoon trade.

PTI


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