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M&M: UV division powers growth

Jan 30, 2004

Mahindra and Mahindra (M&M), the utility vehicle (UV) and tractor major, has posted robust growth in revenues and operating profit for the third quarter ended December 2003. Growth in revenues was primarily led by higher UV sales and improvement in realisation in light of growing contribution from 'Scorpio'. However, the light commercial vehicle (LCV) and tractor divisions have posted lacklustre performance, which was expected.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 9,600 13,276 38.3% 26,091 34,391 31.8%
Other income 454 270 -40.6% 819 835 1.9%
Expenditure 8,834 11,595 31.3% 23,836 30,720 28.9%
Operating profit (EBDITA) 766 1,681 119.4% 2,255 3,671 62.8%
Operating profit margin (%) 8.0% 12.7%   8.6% 10.7%  
Interest 280 171 -38.8% 876 628 -28.3%
Depreciation 410 413 0.7% 1,220 1,226 0.5%
Profit before tax 530 1,366 157.7% 978 2,652 171.3%
Extraordinary items (0) (115) - 647 (36) -
Tax 222 377 69.8% 657 587 -10.6%
Profit after tax/(loss) 308 874 184.0% 969 2,029 109.5%
Net profit margin (%) 3.2% 6.6%   3.7% 5.9%  
No. of shares (m) 110.5 110.5   110.5 110.5  
Diluted earnings per share (Rs)* 11.1 31.6   11.7 24.5  
P/E ratio (x)         16.8  
(* annualised)            

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