Mahindra and Mahindra, on a standalone basis, posted a 22.3 per cent rise in net profit at Rs 901.8 crore for the quarter ended September 30.
It posted a net profit of Rs 737.4 crore for the same period last year.
Total income rose 33 per cent to Rs 10,135.85 crore against Rs 7,604.80 crore.
The company said this quarter’s results were not comparable as the previous year’s results did not include the numbers of its automotive business, Mahindra Automobile Distributor.
The business was merged with M&M following a court order effective April 23.
“The growth in the profit, despite the relentless increase in material cost, is due to good volume performance by automotive sector and tight control on expenses,” the company said.
The passenger utility vehicle segment sold 62,751 units, up 32 per cent from the year-ago period. It sold 4,899 units of the Verito sedan.
Exports rose 43 per cent to 10,349 units (7,239 units).
However, its tractor business was impacted by a below normal monsoon.
M&M sold 47,065 tractors in the domestic market (54,585) during the quarter.
The domestic tractor industry posted a 12 per cent decline in sales in the September quarter.
“Tight macroeconomic and political constraints at home and worries about a second global recession have taken a heavy toll on the Indian economy.
“The current economic situation is quite challenging,” M&M said.
Also read: >M&M: Auto segment in top gear; but tractors lackadaisical