Mahindra & Mahindra chairman Anand Mahindra promised shareholders that “with the products in the pipeline and the company’s power to spring back, resilience remains intact and you will see it being unleashed in the second half of this year.” Explaining this confidence at the company’s annual general meeting here on Friday, he said, “In Q4 of FY 15, auto sales fell by 10 per cent and tractor sales, which gives us a much higher margin, fell by 30 per cent. When tractor sales had fallen by 15.7 per cent in Q3 of 2009, we generated a PAT of just about a crore for the quarter. This time around, in spite of double the volume drop for tractors — in fact, the largest volume drop in a decade — we still generated a PAT of Rs 617 crores (after adjusting exceptional and one-time items) and an operating profit margin of 11.8 per cent. That’s resilience. Volumes fell, but we ensured a creditable level of revenue and profit. We maintained our tradition of never missing a dividend.” Mr Mahindra added, “We see ourselves not as quick fix players, but as builders of business. We stand by our strategic convictions and follow through on execution. We have positioned ourselves in the mobility space, and we believe that the synergy and scale this generates, combined with our ability to respond quickly to volatility, will see us through the ups and downs of business.” Earlier releasing the companys results for the quarter ended June 2015, executive director, M&M, Dr Pawan Goenka said they were waiting for the big launch in September after the launch in June of the Jeeto which drives volumes. M&M registered higher gross revenue and lower profits for the quarter ending June 20,15 at Rs 10,474 crore and Rs 831 crore respectively. The figures for the corresponding period in the previous year were Rs 1,0734 crore and Rs 896 crore respectively. Source: The Asian Age. Image: https://upload.wikimedia.org/
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