Mahindra and Mahindra posts Rs.1.59 bn net profit

July 30th, 2008 - 10:38 pm ICT by IANS  

Mumbai, July 30 (IANS) Auto major Mahindra and Mahindra Wednesday announced a net profit of Rs.1.59 billion ($37.85 million) for the first quarter of 2008-09 compared to Rs.779 million over the same period last fiscal. The company’s total revenue increased by 26.1 percent to Rs.37.49 billion during the quarter from Rs.29.72 billion of the year-ago period.

According to a company release, the sales of mechanised utility vehicles (MUVs) for the quarter stood at 39,919 units against 31,171 units of the same period last year, an increase of over 21.6 percent.

In the three-wheeler segment (large and small), the sales grew to 11,396 units from 7,336 units, recording a growth of 55.3 percent.

The export of vehicles increased by 31 percent to 3,187 units during the April-June quarter.

The sales of domestic tractor grew by 11.5 percent to 85,289 units during the first quarter of this year compared to 75,424 units of the year-ago period.

The company has also announced a profit after tax of Rs.4.09 billion for the quarter ending June 30, 2008 compared to Rs.2.99 billion of the corresponding quarter previous year while the revenues increased to Rs.75.57 billion from Rs.58.58 billion.

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