Mahindra earmarks investment for next five years

Mahindra-LogoEnjoying one of its best growth phases in the Indian automobile industry and after posting a robust 40.30 per cent jump in its net profit for the last quarter, the home-grown UV maker, Mahindra & Mahindra has recently said that the company will invest about Rs 8,600 crore in the next five years for various purposes.

While the company mentioned the fact that it has achieved a net profit of Rs 562.39 crore for the quarter ended June 30, which is way up as compared to the Rs 400.85 crore in the corresponding quarter of the last fiscal, the company also said that it was despite incurring a production loss of up to 10 per cent in the period due to supply constraints of components.

As the net volumes increased by over 10%, the company reported that the total revenues rise by 21.63 per cent to Rs 5,160.10 crore from Rs 4,242.59 crore in the year-ago period.

Mahindra & Mahindra (M&M) President (Automotive and Farm Equipment) Pawan Goenka said that out of the total Rs. 8,600 crore close to Rs. 5,600 crore will be invested by the company in the Chakan plant.