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Mahindra & Mahindra Financial reports 33% rise in annual profit

Mahindra & Mahindra Financial Services has reported a net profit of INR1.77 billion for the 12-month period ended March 31, 2008, a growth of 33% over INR1.33 billion for the same period ended March 31, 2007.

Profit before tax for fiscal 2007/08 stood at INR2.72 billion, up 34 % from INR2.03 billion for 2006/07.

The company has registered a rise of 31% in its profit before tax during the fourth quarter of fiscal 2007/08 to INR1.16 billion from INR886 million in the same quarter of fiscal 2006/07. Profit after tax rose 31 % to INR754 million in the quarter from INR577 million during the corresponding period in fiscal 2006-07.

Ravi, CFO of Mahindra Finance said that despite the volatility in interest rate throughout the year, the company was able to contain the cost of borrowing and reduce the impact on the overall borrowing cost for the company.