M&M may consider exporting Verito electric

Mahindra & Mahindra (M&M) may consider exporting the Verito electric saloon given that prevailing conditions in India – the lack of government incentives – makes such cars prohibitively expensive. Dr Pawan Goenka (pictured above), president of the automotive and FES, Mahindra & Mahindra, made this comment at a press meet in Mumbai today to  announce the company’s Q3 results.

He said that if required, M&M can get the car ready in about six months’ time. The Verito, which is a spacious car, can be positioned as an ideal taxi vehicle, Dr Goenka added.

The Verito electric would be the third offering on the platform which has seen two introductions – the Verito powered by a 1.5-litre diesel engine and the under-four-metre Verito Vibe which debuted seven months ago. Earlier, M&M has gone on record to say that while it will not stop its development activities in the EV space, it is not likely to bring them to the market unless incentives are provided.

Announcing Q3 results, the board said that gross revenues and other income of M&M and its 100 percent subsidiary, Mahindra Vehicle Manufacturers VML, for the quarter ended 31 December 2013 was Rs 11,270 crore as against Rs 11,522.3 crore during the corresponding period last year, a fall of two percent.

Net profit before tax for Q3 was Rs 1,318.2 crore as against Rs 1177.4 crore in Q3 of the previous year – a growth of 12.0 percent. After providing for tax, the profit is Rs 1,000.1 crore against Rs 915 crore in Q3 last year, a growth of 9.3 percent. Dr Goenka said operating margins for both the tractors and auto divisions have shown the highest growth in recent quarters. The operating margin for the current quarter is 15 percent as compared to 13.5 percent in Q3 last year.