Mumbai, June 01: Mahindra & Mahindra (M&M), India’s largest tractor and utility vehicle maker, has reported a 48.4 per cent decline in net profit for the quarter ended March to Rs 48.7 crore while total income increased 23.9 per cent to Rs 1,142.5 crore. Buoyed by higher non-recurring income, the company’s net profit shot up 50.2 per cent to Rs 145.5 crore for the full fiscal 2002-03 while total income rose 14.8 per cent to Rs 3,811.8 crore. Profit before exceptional items and taxation rose 42 per cent to Rs 139.4 crore.
During the fiscal, other income surged from Rs 47.2 crore to Rs 79.7 crore during the period. Besides, the company made an exceptional profit of Rs 57.7 crore on sale of its equity holding in Mahindra Sintered Products to JV partner GKN Plc. Bureau Report