Mahindra Finance consolidated total income up by 13 per cent at Rs. 409 crore

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading player in providing financial services in the rural and semi-urban markets, has registered on a consolidated basis a growth of 13 per cent in its Total Income at Rs. 409 crore for the third quarter ended 31st December, 2009 as compared to Rs.361 crore during the same period last year.  During the 3rd quarter, the Profit After Tax (PAT) rose by 111 per cent to Rs. 97 crore from Rs.46 crore in the corresponding quarter of the previous year. 

 

During the period April to December, 2009, the total income on consolidated basis increased by 11 per cent at Rs. 1113 crore as against Rs. 999 crore in the same period of the previous year.  The Profit After Tax (PAT) for the first nine months ended 31st December'09 was at Rs. 212 crore registering a growth of 93 per cent as compared to Rs.110 crore during the same period last year.

The company has registered on a standalone basis a growth of 13 per cent in its Total Income at Rs. 402 crore during the third quarter ended 31st December, 2009 as compared to Rs. 357 crore during the same period previous year. For the quarter ended 31st December, 2009, the company made a Profit After Tax (PAT) of Rs 93 crore, an increase of 111 per cent from Rs.44 crore for the same period last year.   

During the first nine months period of financial year 2010, the total income on a standalone basis increased by 11 per cent at Rs. 1094 crore as against Rs. 987 crore in the same period of the previous year.  The Profit After Tax (PAT) for the first nine months ended 31st December'09 was at Rs .202 crore registering a growth of 91 per cent as compared to Rs. 106 crore during the same period a year ago.   

The company focused on recovery by forming a specific task force, and was also able to reduce overheads by implementing state of the art mobile technology solutions.  Efficient fund management also significantly helped to improve the performance of the company. 

The company's value of assets financed has registered a growth of 28 per cent at Rs. 6,177 crore for the first nine months period ended 31st December, 2009 as compared to Rs. 4,843 crore during the same period previous year. The company continues to be the largest retail financier for Mahindra range of vehicles and tractors.  

Amara Raja Q3 2009-10 net profit surges 113 per cent to Rs. 399 million

Amara Raja Batteries Limited, India's leading industrial and automotive battery company, has earned a net profit of Rs. 399 million for the third quarter (Q3) ended December 31, 2009, recording a growth of 113 per cent over Q3 of 2008-09. Net Income for Q3 of 2009-10 stood at 3,674 million (Net Sales: Rs. 3,668 million + other income: Rs 6 million). For the nine months period ended December 31, 2009, the company earned Profit Before Tax (PBT) of Rs.1,986 million and Profit After Tax (PAT)  of Rs.1,303 million, resulting in a growth of more than 146 per cent and 148 per cent respectively as compared to the corresponding  period ended December 31,2008.                                                                                

The industrial batteries business has continued to maintain dominant market share in served markets. Telecom industry has witnessed a slowdown in network infrastructure roll out due to improved efficiencies in use of tower infrastructure and telecom equipment despite which the division has performed well. The enhanced medium VRLA capacity and continued improvement in railways and power control off take has enabled the business vertical to post reasonable numbers. The recovery of momentum in telecom network expansion plans and Amara Raja position as preferred vendor status with key customer will determine the performance going forward.

The automotive batteries business continues its growth momentum backed by strong off take by OE customers and commercial vehicle segment. The aftermarket demand continues to be robust, aided by Amara Raja leading brands viz., Amaron, Powerzone and Amaron Probike Rider. With the demand outlook for the automotive industry continues to be encouraging, this business vertical hopes of achieving strong growth in the next few quarters. 
 
Commenting on the performance Jayadev Galla, managing director said, "Amara Raja has yet again posted impressive results for the third consecutive quarter in this difficult year. Our investments are well ahead of time, and the automotive industry recovery and the strength of our business model has enabled us to post good results. The high volatility in lead prices and the sluggish demand in the telecom sector, we are cautiously optimistic of our performance for the next quarter, he added."

Amara Raja Batteries Limited, an Amara Raja- Johnson Controls company with 26 per cent equity from Johnson Controls, is the technology leader and is one of the largest manufacturers of lead acid batteries for both industrial and automotive applications in the Indian storage battery industry. In India, Amara Raja is the preferred supplier to major telecom service providers, telecom equipment manufacturers, UPS Segments (OEM &Replacement), Indian railways and to power, Oil & Gas among other industry segments. Amara Raja manufactures and sells automotive batteries under the brand name 'Amaron' which is distributed through a large pan-India sale-service retail network.

The company supplies automotive batteries under OE relationships to Ashok Leyland, General motors, Hindustan Motors, Honda, Mahindra & Mahindra, Maruti, Hyundai and Tata Motors. The company is an exclusive supplier to Daimler Chrysler, Ford and Swaraj Mazda. The company's Industrial and Automotive batteries are exported to Asia Pacific, Africa and the Middle East.

Ford India rolls new Ikon Plus in diesel and petrol versions

Ford India has introduced a new variant of the Ikon today. The new Ikon Plus comes loaded with state-of-the-art accessories as a comprehensive package enhancing the style and comfort of the vehicle. The Ikon Plus variant is an outcome of customers' evolving needs and feedback and will be available at a special attractive price of Rs. 5.77 lakh for the diesel variant and Rs. 5.17 lakh for the petrol variant (ex showroom, New Delhi).

The Ikon Plus is attractive on the outside as it is comfortable inside. The macho exterior is augmented with 13" Hyper silver alloy wheels and chrome on the decklid handle & exhaust trims. The immaculate interiors come replete with leather vinyl seats and IPod-compatible MP3 player. The Ikon Plus also boasts of eminent security features such as remote keyless entry and anti-theft alloy wheel nuts. 

''The new variant is a follow up to the terrific response witnessed on the Ikon iKool last year. We believe that the new plus pack is further reinforcement to push the limits to give our customers more style, safety and comfort features,'' said Nigel Wark, executive director, marketing, sales and service, Ford India.

Recognized in the year 2009 with two significant and credible JD Power Awards for Dependability and New Vehicle Initial Quality, the Ikon's sales performance resulted in 196% sales growth in 2009 over the previous year. Another noteworthy achievement was last year's Autocar's 'Ikon 20000km cross country drive', demonstrating Ikon's superior fuel efficiency, clocking fuel economy of 28.54 KMPL and an extremely low running expense measured as cost per km of Rs 1.39 per / km.
 
With more than 1,20,000 vehicles on the road, the Ford Ikon continues to offer a great combination of class-leading fuel efficiency, superior driving experience and great value proposition in the entry level sedan segment.

GM India electric Spark to drive on Indian roads by Oct 2010

It so appears, GM India's electric version of its small car Spark will hit the Indian roads by October this year. It was reported last month General Motors India and Bangalore-based Reva Electric Car Company (REVA) have entered into a collaboration agreement to develop electric version of the former's models like Spark, etc, for the Indian market. This unique partnership brings together two companies, established in their own field to develop car platforms, electric vehicle technology and advanced control systems. GMI is also planning to offer batteries of the car on lease to car owners as their cost is nearly 40 per cent of the total price of the complete cars. The auto maker wants to offer them on lease to make the car more affordable.

It may be recalled that Karl Slym, president and managing director, GM India had earlier said, "We are pleased to join hands with REVA to bring affordable small car platform based electric vehicles to the market in line with government objectives to reduce fossil fuel dependence. GM's ability to develop platforms and Reva's capability in developing electric drive-trains and control systems will result in, the consumer having a wider choice of EVs. We are going to be working closely with the Central and State Governments in India to develop infrastructure for electric vehicle charging and providing specific financial benefits to consumers, who make the choice to adopt an environment-friendly mode of personal transport." Slym said that in India, GM will launch the e-Spark in the fourth quarter of 2010. The prototype is being tested and the cars will be produced at the Talegaon plant. The company expects to sell around 5,000 units of the e-Spark in the first year, he said. Elaborating on the role of each of the two joint venture partners, he said, "Reva will make and supply the power cube, while we will engineer and manufacture the car." The company is looking at 90 per cent localisation for the product. While the on-road cost of the car is still being worked out, Slym said, "Around 40 per cent of the total cost could be the battery cost. We are working on an agnostic system that can use different batteries – either a cheaper lead-acid one or the more expensive lithium ion type. Our vision is to give the customer the option of choosing the type of battery."

Chetan Maini, deputy chairman and CTO, Reva Electric Car Company had also told reporters earlier, "This unique collaboration symbolizes a global trendsetter for partnerships that will result in far reaching changes in the industry. Each of the partners will use its strengths, with the aim of making India a global hub for the development and manufacture of electric vehicles and related technologies. I am extremely happy that we have found a partner in GM India that shares our passion for reducing carbon emissions."

However, for the export market, GMI will sell complete electric Spark cars in those countries where the Spark is not manufactured locally. But in countries where the Spark is manufactured, the Reva-General Motors joint venture will sell electric car kits to GM entities.

Asset Hyundai is Hyundai Motor India's 29th dealer in Mumbai

Hyundai Motor India has inaugurated a new dealership - Asset Hyundai in Mumbai. The new dealership is located on 10-B Sarogi Industrial Estate L.B.S Marg, next to Huma Adlabs in Kanjurmarg (Powai) and will be the 29th dealership for Hyundai Motor India in Maharashtra taking the total number of dealers in the Western region to 46.

Promoted by Parvinder Singh, the new dealership is spread across a built up area of 45,500 sq feet including two workshops, and boasts of a capacity to showcase the entire range of Hyundai cars.

J.W. Lee, regional manager, Western Region, HMIL along with Parminder Singh,Director, Asset Hyundai, and Jasveer Singh, chairman, Asset Hyundai inaugurating the new dealership of 'Asset Hyundai' in Mumbai.

Commenting on the opening of the new showroom, Arvind Saxena, director, Marketing & Sales, HMIL, said, "Mumbai is an important market for Hyundai and the opening of this dealership proves our eagerness to strengthen our presence in this region in order to meet the growing demand for our customers. The state-of-the-art showroom and workshop facilities at 'Asset Hyundai' will help HMIL provide speedy and efficient service to our valued customers in the city."

In fact, Hyundai believes that given the average time a customer spends at the showroom, the customer and his family should be taken care of in every way. Exclusive customer and separate driver's waiting lounges are also available.

Hyundai Motor India Ltd. has a large sales and service network in the country, with 286 operational dealers which will be further strengthened to around 340 by the end of 2010. Currently HMIL enjoys a market share of 19 per cent in Western region and 17 per cent in Maharashtra, which the company hopes will increase substantially with the strengthening of its dealer network in coming years.