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M&M Q1 net drops 37% to Rs409.53 cr

M&M Q1 net drops 37% to Rs409.53 cr
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First Published: Wed, Jul 30 2008. 03 31 PM IST
Updated: Wed, Jul 30 2008. 03 31 PM IST
PTI
Mumbai: Hit by an increase in input cost and forex losses, auto major Mahindra & Mahindra has reported a consolidated profit after tax of Rs409.53 crore for the quarter ended 30 June, a 36.71% from that in the year-ago period.
“The company had a PAT of Rs299.57 crore in the first quarter of FY08,” M&M said in a filing to the Bombay Stock Exchange.
“The lower profits are mainly on account of an exchange loss of Rs77.90 crore (Rs 58.2 crore net of tax) suffered by the company due to rupee depreciation,” the filing added.
The consolidated gross revenue and other income rose to Rs7,557.30 crore in Q1FY09, from Rs 5,858.22 crore in the same period previous fiscal.
On a standalone basis, the automobile major announced a 16.66% decline in net profit after tax to Rs159.30 crore for the quarter ended 30 June. M&M had a net profit of Rs191.17 crore in the first quarter of FY08.
The total income rose 26% to Rs3,331.80 crore for the quarter under review, from Rs2,644.39 crore in the same period previous fiscal.
Excluding the impact of exchange loss, the PAT during the quarter grew 11.1% in the June quarter.
“The profits were also affected by the sharp increase in input cost leading to pressure on operating margins as well as by an increase in depreciation and finance cost,” M&M said.
“In the regime of high interest rates and surging inflation, the company hopes to cope with theses challenges with its continued focus on cost control and product innovations,” it added.
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First Published: Wed, Jul 30 2008. 03 31 PM IST