New Delhi, May 30 (IANS) Automobile major Mahindra and Mahindra Thursday reported a 1.7 percent increase in net profit for the quarter ended March 31, 2013.
The net profit on a standalone basis in the quarter under review stood at Rs.889.2 crore from Rs.874.5 crore in the corresponding period of 2011-12.
The gross revenues and other income of the company rose by 10.5 percent in the quarter ended March 31 and stood at Rs.11,365.8 crore from Rs.10,288.4 crore during the corresponding quarter of 2011-12.
For last fiscal, the company reported an increase of 16.5 percent in its net profit which stood at Rs.3,352.8 crore from Rs.2,878.9 crore in 2011-12.
The gross revenues and other income of the company during last fiscal grew at 26.3 percent at Rs.43,961.8 crore from Rs.34,820.3 crore in 2011-12.
The company said that the government's decision in the budget, 2013 of introducing an additional three percent excise duty on SUVs (sports utility vehicle) may have an impact on the company's product range.
"This (excise duty hike) may, going forward, affect margins. Also, the auto industry is witnessing a general slowdown which again calls for some caution in the future," the company said in a statement.
The group's consolidated gross revenues and other income during the quarter ended March 31 grew by 9.8 percent at Rs.11,342.3 crore from Rs.10,333.6 crore in the corresponding quarter of 2011-12.
The group's consolidated gross revenues and other income for the year ended March 31 grew by 17.4 percent to Rs.74,403 crore ($13.7 billion) from Rs.63,357.8 crore ($11.7 billion) in 2011-12.
The consolidated profit after tax for 2012-13 grew by 31.1 percent at Rs.4,099.2 crore ($756.0 million) from Rs.3,126.7 crore ($576.7 million) in 2011-12.
The group's economic outlook said that it expects the Indian economy to stage a mild, consumption-led recovery in 2013-14 which will be subject to a normal monsoon, agricultural growth, moderation in inflation and a bounce back in rural incomes.
"At the same time, with the advanced economies expected to witness a recovery this year, exports are likely to maintain the momentum witnessed in Q4," the statement said.
"Overall, our outlook on the economy, while more positive than six months ago, remains cautious and watchful."
The group at the end of 2012-13, comprised of 123 Subsidiaries, five joint ventures and 12 associates.