Mumbai, May 30 (IANS) Mahindra and Mahindra Wednesday reported a 44.17 percent rise in net profit for the quarter ended March 31 at Rs.874.48 crore from Rs. 606.54 crore in the corresponding period of 2010-11.
The conglomerate’s total income grew by 38.62 percent at Rs.9,482.79 crore in the quarter under review from Rs.6,840.85 crore in the corresponding quarter of 2010-11.
For fiscal 2011-12, the company registered a 8.14 percent rise in net profit at Rs.2,878.89 crore from Rs.2,662.10 crore in 2010-11.
The company’s total income in the fiscal increased by 35.25 percent at Rs.32,319.31 crore in the period under review from Rs.23,894.41 crore for the year ended March 31, 2011.
The company informed the Bombay Stock Exchange (BSE) that its board of directors have recommended a dividend of Rs.12.50 per ordinary (equity) share having face value of Rs.5 each.
The company said the board had appointed Anand Mahindra as chairman and managing director of the company with effect from Aug 8 after Keshub Mahindra retires at the end of the annual general meeting that day.
The Mahindra group had 114 subsidiaries, six joint ventures and 11 associates as of March-end.