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Rediff.com  » Business » M&M to invest Rs 2,000 cr in automotive biz

M&M to invest Rs 2,000 cr in automotive biz

May 28, 2008 19:51 IST
Mahindra & Mahindra group on Wednesday said it planned to invest Rs 2,000 crore (Rs 20 billion) into its automotive business.

The investment would be done in the current fiscal, the group's chief financial occicer (CFO) Bharat Doshi said.

The company announced a standalone net profit of Rs 221.10 crore (Rs 2.21 billion) for the fourth quarter ended March 31, a 13.37 per cent decline over the corresponding period last year.

The firm had a net profit of Rs 255.23 crore (Rs 2.55 billion) in the fourth quarter of FY'07, M&M said in a filing to the Bombay Stock Exchange.

The total standalone income rose to Rs 3,175.45 crore (Rs 31.75 billion) for the quarter under review from Rs 2,758.83 crore (Rs 27.58 billion) in the year-ago period.

The board has declared a dividend of 115 per cent at the rate of Rs 11.5 on shares of face value of Rs 10 for 2007-08.

For the year ended March 31, M&M reported a consolidated net profit of Rs 1,571.12 crore (Rs 15.71 billion), a five per cent growth over last year. The company had a net profit of Rs 1,497.15 crore (Rs 14.97 billion) in FY07.

TheĀ  total consolidated income rose to Rs 24,445.29 crore (Rs 244.45 billion) for FY08 from Rs 17,868.93 crore (Rs 178.68 billion) in the previous year.

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