M&M Q3 standalone profit up 12% at Rs1,215.91 crore
Passenger vehicles of Mahindra & Mahindra reported a growth of 6.1% while tractor sales were up 6% at 76,943 units in the third quarter
New Delhi: Mahindra & Mahindra on Friday reported 12.49% increase in standalone net profit at Rs1,215.91 crore in the third quarter ended December 2017.
The company had posted a standalone net profit of Rs1,080.85 crore in the same period of the last fiscal, Mahindra & Mahindra said in a statement. Revenue from operations was at Rs11,577.78 crore. It stood at Rs11,843.74 crore in the year-ago period.
The two figures are not comparable as revenue from operations under pre-goods and services tax (GST) regime included excise duty, which is now subsumed in GST. During the quarter, the company said, it sold a total of 1,21,786 vehicles, up 8% from the same period last fiscal.
Passenger vehicles reported a growth of 6.1%, it added. Tractor sales were also up 6% at 76,943 units in the third quarter, it said. “In Q3 F2018, normal north-east monsoons and good reservoir levels helped in boosting the rural sentiment and demand for tractors,” M&M said.
The healthy reservoir levels, good progress on rabi sowing and increase in MSP’s of rabi crops should help the growth momentum to continue in the coming months, it added. Commenting on the overall outlook, the company said, “With the effects of some of the recent transient factors fading away and the economy adjusting to GST implementation, growth momentum is likely to stay buoyant.”
A balanced and pro-agrarian budget should help prop farm incomes and stimulate rural consumption demand and further nurture the green shoots of economic recovery, it added.
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