Mahindra & Mahindra Ltd.’s reported a net consolidated profit for the July-September quarter at Rs 1,779 crore, posting an increase of 26 per cent from the year-ago corresponding period according to its stock exchange filing. The net profit rise was aided by a one-time gain of Rs 137.5 crores.
Mahindra & Mahindra’s revenue for the said quarter rose 6 per cent year-on-year basis to Rs 12,790 crores. The utility vehicles and tractors maker reported a net sale of 1.41 lakh units posting an increase of 9 per cent. However, M&M’s tractor sales declined 5 per cent year-on-year to 73,012 units.
M&M’s operating income or EBITDA fell to Rs 1,849 crores, 4 per cent on a yearly basis. The company’s operating margin also contracted to 14.5 per cent during the quarter under review from 16 per cent a year ago period. M&M exports in the July-September quarter, rose 14 per cent to 13,377 units.
M&M standalone net profit rose 24% to Rs. 1,649.46 crores from Rs. 1,331.57 crore a year ago. Pawan Goenka, Mahindra’s Managing Director said that unfavourable macroeconomic factors had a “moderating effect” in the automobile industry. He added, “The company will maintain its 12-14 per cent volume growth guidance in the tractor industry for the ongoing financial year.”