The Mahindra & Mahindra (M&M) Group on Monday announced a 51 per cent rise in its consolidated net profit for the third quarter of 2012-13 at Rs.1,254.3 crore. Gross revenue was up 16.6 per cent at Rs.19,067 crore. During the quarter, major group companies such as Mahindra Finance and Mahindra Holidays significantly improved their performance over the third quarter of the previous year, a statement from M&M said.
During the period under review, there was a deemed divestiture profit of Rs.275.6 crore in the group consolidated accounts due to a dilution of M&M’s holding in Mahindra & Mahindra Financial Services.
For the nine months ended December 2012, M&M’s Group's consolidated profit was up 41.5 per cent at Rs 3,079.4 crore. The company said the results were not comparable as Tech Mahindra became an associate of the company with effect from September 1, 2012, following the disposal of shares by a joint venture partner.