M & M’s Q2 net profit up 7.90 percent

October 29th, 2010 - 6:02 pm ICT by IANS  

New Delhi, Oct 29 (IANS) Automobile major Mahindra and Mahindra Friday reported a 7.90 percent rise in net profit for the second quarter of the current fiscal at Rs.758.49 crore as against Rs.702.94 crore for the quarter ended Sep 30, 2009.

“The good financial results of the company were despite relentless increase in the material costs is due to a good volume performance by both vehicle and tractor segments,” the company said in a statement.

The total income of the company also increased by 20.10 percent and stood at Rs.5,634.13 crore in the July-Sep quarter from Rs 4691.08 crore in the like period of the previous year.

The company’s consolidated net profit for the second quarter grew by 9.8 percent at Rs.723.5 crore as compared to Rs.658.9 crore in the same quarter of 2009.

The gross revenues and other income for the quarter grew 14.2 percent to Rs.9,410.3 crore from Rs.8,236.6 crore in the year-ago period, the statement said.

The company said that since Tech Mahindra has become a joint venture (JV) company from the current year, the group revenues only include 42.8 percent of TechMahindra, compared to 100 percent in the previous year.

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