The Anand Mahindra-led Mahindra & Mahindra Ltd (M&M) today reported 13.46 per cent increase in its consolidated net profit to Rs 1,164.6 crore for the first quarter ended June 30, 2013, riding on good performance of its farm equipment segment and cost control measures.
The company had posted a consolidated net profit of Rs 1,026.4 crore for the same period previous fiscal.
Company's consolidated income increased to Rs 19,356.03 crore in the April-June quarter, from Rs 17,670.81 crore during the same period last year, Mahindra & Mahindra said in a filing to the BSE.
The company's revenue from its automotive segment stood at Rs 5,860.98 crore as against Rs 5,822.52 crore in the year-ago quarter.
The farm segment registered revenue of Rs 3,899.52 crore as against Rs 3,078.29 crore in the same quarter last fiscal.
"The good growth in the profits of the entity in the quarter is due to a very good volume performance by the farm equipment sector and tight control on expenses," the company said in a statement.
Tractor sales in the domestic market during the quarter stood at 71,696 units, up 26.1 per cent, against 56,861 units for the same period last fiscal, it said.
During the quarter, Mahindra & Mahindra said the automobile industry, which has been facing a challenging time, shrank by 2 per cent. The company sold 56,969 passenger utility vehicles.
Shares of Mahindra & Mahindra Ltd were trading at Rs 874.80 on BSE, up 1.70 per cent from the previous close.
Mahindra & Mahindra profit rises 29 pct on tractor demand
(Reuters) Mahindra & Mahindra, India's biggest utility vehicle manufacturer, posted a 29 percent rise in first-quarter profit, beating expectations, as strong demand for its tractors compensated for falling sales of its sport utility vehicles.
Profit for the quarter ended in June was 9.38 billion rupees compared with 7.26 billion rupees a year ago, said the company, which owns South Korean car maker Ssangyong Motor Co Ltd).
Mahindra & Mahindra Net sales rose 7 percent to 99.1 billion rupees compared to 92.5 billion rupees over the same period a year earlier.
Analysts, on average, had expected profit of 8.77 billion rupees on revenue of 102.78 billion rupees.