Financial Daily from THE HINDU group of publications
Thursday, Jul 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 29, 2004 |
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Corporate Results
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HCV/LCV/Tractors M&M net rises to Rs 103.9 cr Our Bureau
Mumbai , July 28 MAHINDRA & Mahindra Ltd has reported a 145 per cent increase in its net profit at Rs 103.9 crore for the first quarter of 2004-05 as compared to Rs 42.5 crore in the year-ago period. The improvement in profits was due to strong sales performance by both automotive and farm equipment sectors and continued cost control measures. Net sales and income from operations stood at Rs 1,423.2 crore, higher by 42 per cent over Rs 1,003.1 crore in the year-ago period. The first quarter saw buoyant demand for its automotive sector. M&M's utility vehicle volumes increased to 23,581 units. The company said it maintained its leadership position in the utility vehicle market with a market share of 50 per cent in the quarter. Farm equipment performance also remained strong in the first quarter with a sales growth of 60.3 per cent. It sold 16,048 tractors in the first quarter (10,013). The company also recorded a growth of 20 per cent in exports with sales of 1,241 tractors during the June quarter. The company said it was cautious about the impact of delayed monsoon on sales. "The general thrust in the Budget on agriculture and the exemption of excise on tractors will have a positive impact on the company,'' said a news release.
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