Synopsis
“Manoj will lead Mahindra Group’s Finance Organisation working closely with the finance leadership teams of the group companies on strategy, governance and controllership,” the company said in a press statement.
Agencies
Bhat, an IIT Bombay graduate, joined Tech Mahindra in 2006 and has been the company’s CFO since June 2018.
Mumbai:
Tech Mahindra chief financial officer (CFO) Manoj Bhat as the new group CFO effective 2 April when incumbent Anish Shah takes over as the managing director and chief executive of the company.
“Manoj will lead Mahindra Group’s Finance Organisation working closely with the finance leadership teams of the group companies on strategy, governance and controllership,” the company said in a press statement.
Mahindra & Mahindra (M&M) reported 40% jump in net profit to Rs 530.86 crore on a 16% rise in revenues to Rs 14,056.54 crore in Q3 FY21 over Q3 FY20.
The results include the combined earnings of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.
The company recorded an exceptional expense of Rs 1213.98 crores for the quarter ended 31 December 2020, which represents impairment provisions for certain long-term assets and other exposures.
Profit before tax in Q3 December 2020 stood at Rs 1025.30 crore, up by 31.1% from Rs 782.08 crore in Q3 December 2019. Tax expense during the quarter increased by 23% year-on-year (YoY) to Rs 494.44 crore.
M&M Q3 results: Net profit zooms 250% to Rs 704 crore, revenue up 11%
The total income of the farm equipment and utility vehicles company rose 11 per cent to Rs 21,868 crore, led by 20 per cent growth in tractor volumes and 12 per cent revenue increase in auto business.
BusinessToday.In | February 5, 2021 | Updated 18:52 IST
M&M sold 97,420 units of tractors during December quarter, its highest-ever quarterly volume.
Mahindra & Mahindra (M&M) on Friday reported 252 per cent rise in consolidated net profit at Rs 704 crore for October-December quarter from Rs 200 crore in the year-ago quarter on capital allocation actions and increase in standalone operating margins.
The company scrip closed 2.13 per cent down at Rs 961.65 a piece on the BSE on Friday, as against 1.26 per cent correction on the benchmark., , tech mahindra, revenues, mahindra group, net profit
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