Livemint: May 31, 2017
Mumbai: Mahindra and Mahindra (M&M) Ltd on Tuesday said its net profit in the March quarter increased 26.3% from a year before.
Profit after exceptional items in the three months rose to Rs874 crore from Rs691.51 crore a year ago. Revenue and other income—that earned from avenues other than its business operations—grew 5.2% to Rs 12,289 crore
Standalone net profit grew 19.9% to Rs 725.16 crore in the quarter from Rs 604.63 crore a year ago. Revenue and other income on a standalone basis grew 4.05% to Rs 12,319.64 crore from Rs 11,840.47 crore.
A Bloomberg poll of analysts had estimated standalone net profit of Rs 605 crore and net sales of Rs 10,573.2 crore.
The company’s revenue from the automotive sector in the three months to March rose to Rs 7,612.77 crore from Rs.7,476.72 crore a year ago, while farm equipment revenue advanced to Rs 2701.97 crore from Rs.2,283 crore.
During the quarter, the maker of Scorpio and XUV 5OO sports utility vehicles (SUV) sold a total of 137,770 units of automobiles including SUVs, small trucks and pick-ups -- down 2% over a year ago.
The fall in sales in company’s automotive sector was compensated by strong deliveries of tractors, whose sales rose 16% to 50,253 units (including exports) over the same period a year ago.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.