Mahindra Posts Profits; To Launch 8 New Models

Published: Tuesday, May 31, 2011, 17:57 [IST]

Mahindra and Mahindra's financial results for the fourth quarter and the the financial year were released by the company. The firm's profits for the fourth quarter ending March 31, 2011 increased by 6.3 per cent. The company posted profits of Rs. 606 crore ($134 million) as compared to Rs. 570 crore in the corresponding quarter in 2010. For the fiscal year ended March 31, 2011, the company reported a 27.5 percent jump in its net profit. M&M's net profit stood at Rs. 2,662.1 crore against Rs. 2,087.8 crore in the previous year.

Mahindra and Mahindra has also revealed plans to launch eight new models during this financial year. Mahindra and Mahindra automotive president Pawan Goenka while announcing the financial results of the company said the new models will include the company's global SUV and a four seater electric Reva NXR.

Mahindra and Mahindra said that it had completed all formalities related to the acquisition of a majority stake in Korean carmaker Ssangyong Motor. The maker of the Mahindra Scorpio also said it would be making investments at its Korean subsidiary to boost new product development.

Article Published On: Tuesday, May 31, 2011, 16:59 [IST]

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