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M&M slips after Q3 results

Capital Market/ 14:21 , Feb 08, 2013

M&M fell 1.17% to Rs 885 at 14:20 IST on BSE even as the combined net profit of the company and its 100% subsidiary, Mahindra Vehicles Manufacturers, jumped in Q3 December 2012 over Q3 December 2011.

The result was announced during trading hours today, 8 February 2013.

Meanwhile, the BSE Sensex was up 1.44 points, or 0.01%, to 19,581.76.

On BSE, 2.31 lakh shares were traded in the counter as against an average daily volume of 92,215 shares in the past one quarter.

The stock hit a high of Rs 906.70 and a low of Rs 875.55 so far during the day. The stock had hit a record high of Rs 974.80 on 10 January 2013. The stock had hit a 52-week low of Rs 621.75 on 18 May 2012.

The stock had underperformed the market over the past one month till 7 February 2013, falling 5.80% compared with the Sensex's 0.56% fall. The scrip had also underperformed the market in past one quarter, falling 2.36% as against Sensex's 3.59% rise.

The large-cap company has an equity capital of Rs 306.99 crore. Face value per share is Rs 5.

The combined gross revenues and other income of Mahindra & Mahindra (M&M) and Mahindra Vehicles Manufacturers (MVML) rose 27.5% to Rs 11522.30 crore in Q3 December 2012 over Q3 December 2011. The net profit rose 29.6% to Rs 915 crore. The operating margin for the combined entity was reported at 13.5% in Q3 December 2012.

M&M said the growth in profits, despite the relentless increase in material costs, was due to a good volume performance by automotive sector and tight control on expenses.

MVML, located in Chakan near Pune, was set up as a 100% subsidiary of the company with a view to sourcing contemporary products for expanding the market offerings of the company. Hence it is a critical part of its business and only combined results of the company and MVML can provide a comprehensive view of company's performance.

The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.


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