Mahindra & Mahindra (M&M) yesterday (May 31, 2012) sounded bullish on growth, pegging average sales growth of 10-12% for the fiscal, and said it will launch six new models this fiscal.
“We have a capital allocation of Rs5,000 crore for the next three fiscals and plan to launch six new models this fiscal,” M&M, President (automotive business), Mr Pawan Goenka said.
He also announced an investment of another Rs2,500 crore in group companies during the next three fiscals.
On the tractor front, however, the company sounded cautious saying it expects sales growth to halve this fiscal from 10-12% forecast earlier, to a 5—6%.
M&M, the flagship of the $14.4—billion Mahindra Group, yesterday reported a more—than—expected 44% jump in net profit for the March quarter at Rs874.5 crore on strong volume growth.
Net sales rose to Rs9,241.28 crore for the quarter as against Rs6,633.84 crore a year ago.
Consolidated net for the full fiscal rose to Rs3,126.66 crore, while sales jumped to Rs58,241.40 crore.
Mr Goenka also said its much—talked about car XUV500, launched on an international platform, will be rolled out in Australia, Chile and Western Europe as early as next month.
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“We have a capital allocation of Rs5,000 crore for the next three fiscals and plan to launch six new models this fiscal,” M&M, President (automotive business), Mr Pawan Goenka said.
He also announced an investment of another Rs2,500 crore in group companies during the next three fiscals.
On the tractor front, however, the company sounded cautious saying it expects sales growth to halve this fiscal from 10-12% forecast earlier, to a 5—6%.
M&M, the flagship of the $14.4—billion Mahindra Group, yesterday reported a more—than—expected 44% jump in net profit for the March quarter at Rs874.5 crore on strong volume growth.
Net sales rose to Rs9,241.28 crore for the quarter as against Rs6,633.84 crore a year ago.
Consolidated net for the full fiscal rose to Rs3,126.66 crore, while sales jumped to Rs58,241.40 crore.
Mr Goenka also said its much—talked about car XUV500, launched on an international platform, will be rolled out in Australia, Chile and Western Europe as early as next month.
....more info