Mahindra and Mahindra Q1 net profit up 29.3 percent

New Delhi, Aug 13 (IANS) Mahindra and Mahindra (M&M) Tuesday reported a 29.3 percent growth in its standalone net profit for the first quarter of the current fiscal at Rs.937.9 crore from Rs.725.6 crore in the like period of the 2012-13 financial year.

The gross revenue and other income of the company grew 7.6 percent and stood at Rs.10,887.8 crore in the quarter under review from Rs.10,115.8 crore in the corresponding period of last fiscal.

According to the company, net profit of M&M and Mahindra Vehicles Manufacturing Limited (MVML) was up 16.9 percent at Rs.909.7 crore from Rs.778.5 crore reported in the first quarter of last fiscal.

The gross revenue and other income of the combined entity increased by eight percent at Rs.10,801.5 crore from Rs.10,003.9 crore in the corresponding quarter of 2012-13.

"The good growth in the profits of the entity in the quarter is due to good volume growth performed by the farm equipment sector and tight control on expenses. The operating margin of the entity for the current quarter is 14.4 percent as compared to 13.9 percent," the company said in a statement.

"In the current quarter, the entity sold 56,969 units passenger utility vehicles and continued its market share 46 percent."

The automotive giant reported a 26.1 percent rise in tractor sales by selling 71,696 units from 56,861 units in the first quarter of 2012-13. The company had a market share in this segment of 41.4 percent.

The company's tractor exports grew to 3,187 units, which was 5.5 percent more than last year's first quarter exports which stood at 3,020 units.

The net profit before minority interest of the consolidated and diversified group grew at 22.6 percent and stood at Rs.1,249.9 crore from Rs.1,019.7 crore in the corresponding quarter of previous fiscal year.

The net profit after deducting minority interest Rs.1,164.6 crore from Rs.1,026.4 crore in the like period of previous fiscal.

The gross revenues and other income of the group in the first quarter grew at 9.5 percent at Rs.19,356 crore from Rs.17,670.8 crore.

The company's scrip at the Bombay Stock Exchange (BSE) rose 1.38 percent or 11.85 points to Rs.872 from Monday's close of Rs.860.15.

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