Indian utility manufacturer, Mahindra & Mahindra recently reported increased net profits for quarter ended on March 31, 2011. The company had a net profit of Rs.606 crore or $134mn in comparison to the Rs.570 crore for the same period last year. This is a growth of 6.3%.
The company also saw their net profit in the last financial year, increase by 27.5%. The company recorded a net profit of Rs.2,662.1 crore in comparison to the Rs.2,087.8 crore recorded in the financial year before. The company’s gross revenue along with their other income was around Rs.25,896 crore in comparison to Rs.20,595.5 crore recorded the year before; a total of 25.7% growth.
Mahindra & Mahindra reportedly said that they had completed all of their formalities in relation to them acquiring a high stake in the Ssangyong Motor Co. They will also increase their expenditure on brands as well as their product development expenditure in this South Korean SUV manufacturer.
