M&M Q3 net profit soars 78 per cent to around Rs735 crore

Utility vehicle and tractor major Mahindra & Mahindra (M&M) has reported a 77.59-per cent increase in its net profit for the quarter ended 31 December 2010, at Rs734.68 crore, amidst booming sales.

The company had posted a net profit of Rs413.70 crore in the corresponding period of the previous year, M&M said in a filing with the Bombay Stock Exchange (BSE).

Gross revenues and other income of the company rose 35.8 per cent to 6,684.0 crore from Rs4,920.3 crore during the similar quarter of the previous year.

Total income during the third quarter of this fiscal also surged 36.11 per cent to Rs6,121.09 crore from Rs4,497.12 crore in the year-ago period, it added.

Profit before tax and exceptional items for the quarter rose 47.5 per cent to Rs866.2 crore against Rs587.3 crore in the third quarter of the previous year.

During the current quarter, the company exercised its put option on its entire holdings in Owens Corning India Ltd, which resulted in an exceptional profit of Rs117.5 crore, the company said.