Comments
Mahindra & Mahindra’s consolidated net profits for the June quarter increased more than 25 per cent at Rs 778 crore. The utility vehicle major’s profits rose 25.9 per cent from Rs 618 crore during the corresponding quarter last year.
Despite rising material costs, the company’s profits grew due to “good volume performance by the automotive sector and tight control on expenses” according to a statement from the company. Material costs for the company increased by 33.6 per cent to Rs 6,349 crore during the current quarter.
Consolidated gross revenues for the company stood at Rs 10,003 crore, up 35.2 per cent from Rs 7,400 crore during the corresponding quarter last fiscal.
Net income for M&M, at Rs 8,878 crore, grew by 31.4 per cent from the June 2011 quarter.
The company sold 58,615 vehicles in the passenger utility vehicles segment, a growth of 32 per cent from the June 2011 quarter.
In the domestic market, the company sold 56,861 tractors this quarter as compared to 57,500 sold in the previous corresponding quarter. The company exported 3,020 tractors during the quarter, up 3.9 per cent from 2,908 tractors exported in the first quarter of 2011.
On the BSE, the scrip of M&M was up 3.9 per cent to end the day at Rs 722.75 per share. On the NSE, the scrip closed at Rs 724 per share, up 3.8 per cent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.