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Mahindra & Mahindra's Q1 net up 67% at Rs 1,257 crore; total domestic automotive volume grows 16.2%

Mumbai: Mahindra & Mahindra (M&M) on Tuesday posted 67 percent rise in net profit at Rs 1,257 crore for the quarter ended 30 June, driven by robust sales across segments.

The company had reported a net profit of Rs 752 crore for the same period of previous year (2017-18).

Revenues and other income stood at Rs 13,551 crore for the first quarter as compared with Rs 11,006 crore in the year-ago period.

Total domestic automotive volume of the company grew 16.2 percent. The heavy commercial vehicle volume grew 123.4 percent, resulting in a market share of 5.7 percent, the Mumbai-based company said.

 Mahindra & Mahindras Q1 net up 67% at Rs 1,257 crore; total domestic automotive volume grows 16.2%

Representational image. Reuters.

M&M exported 9,360 vehicles during the first quarter, a growth of 100.2 percent over the corresponding period a year ago.

Its domestic tractor sales grew 18.8 percent and the farm equipment segment's revenue crossed Rs 5,000 crore mark during the period under review.

On the future outlook, the company said a normal monsoon, with a satisfactory temporal and spatial distribution, combined with the recently approved higher MSP for Kharif crops, should help support rural consumption further.

"Global growth backdrop has remained buoyant so far. However, the recently announced and anticipated tariff hike by the US and retaliatory measures by trading partners have increased the likelihood of escalating and sustained trade actions. These could pose risks to global recovery and investments," the company noted.

Shares of M&M were trading 0.32 percent up at Rs 936 per scrip on BSE.

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Updated Date: Aug 07, 2018 14:40:41 IST