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Our Bureau

But outlook positive for current fiscal, says MD

BULLISH OUTLOOK: Mr Anand Mahindra, Vice-Chairman & MD, Mahindra & Mahindra Ltd, and Mr Bharat Doshi, ED, at a press conference in Mumbai on Monday. — Paul Noronha

Mumbai May 28 Mahindra & Mahindra Ltd has reported a 26 per cent drop in net profit at Rs 236.04 crore for the quarter ended March 31, 2007, as against Rs 321.18 crore in the same period last year.

According to the company, the fall in profit was seen on account of exceptional items that contributed to the net profit in the corresponding quarter last year.

The profit before exceptional items in that quarter of 2005-06 was Rs 175 crore.

"The normalised profit after tax for the quarter ended March 2007 was Rs 238.6 crore compared with Rs 175.6 crore in the Q4 of last year, an increase of 35.9 per cent," the company said in a statement.

The company had exceptional items at Rs 14.29 crore during the quarter as against Rs 145.55 crore in the same quarter previous year.

Gross turnover increased by 20.6 per cent to Rs 3,176.5 crore from Rs 2,632.8 crore.

Mr Anand Mahindra, Vice-Chairman and Managing Director, while maintaining a positive outlook for the current fiscal, said high interest rates, moderation in credit growth and uncertainties on the inflation front are worrisome factors. The company has been able to reduce material cost by one per cent to 67 per cent of sales, said Mr Uday Y. Phadke, President - Finance and Legal Affairs, M&M.

Full year profit

For the full year ended March 31, 2007, net profit increased to Rs 1,068.4 crore from Rs 857.1 crore.

Gross revenue for the year was Rs 11,558 crore as against Rs 9,451.4 crore, a growth of 22.3 per cent.

25% final mooted

The board of directors has recommended a final dividend of 25 per cent and a special dividend of 15 per cent aggregating Rs 4 per share. .

The company's shares closed at Rs 740.25 on the BSE on Monday, up by 1.16 per cent over the previous close.

Related Stories:
M&M clocks 110 pc growth in Q4 net

More Stories on : Financial Performance | HCV/LCV/Tractors | Mahindra & Mahindra Ltd

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