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M&M Q2 net soars 28% to Rs 978 crore

M&M Q2 net soars 28% to Rs 978 crore
Mumbai: Auto major Mahindra & Mahindra on Thursday posted a consolidated net profit of 28.4 per cent at Rs 978.1 crore in July-September quarter on the back of robust sales in utility vehicles.

Standalone profit was 22.30 per cent at Rs 901.8 crore in the same quarter from Rs 737.4 crore reported in the year-ago period.

The consolidated sales rose to Rs 10,786.7 crore in the period under review as against Rs 8,235.8 crore, a growth of 31 per cent, the company said in a statement.

The revenue from automotive sales jumped 58 per cent in the quarter, driven by surging demand for SUVs defying the gloom in the overall car sales, which has been on a downhill for the past many quarters, it said.

The company said the consolidated numbers include those of its fully-owned subsidiary Mahindra Vehicle Manufacturers (MVML), based in Chakan, Pune, that is into sourcing contemporary products from the Group’s overseas arms.

This company had last week rolled out its first premium SUV, the Rexton, from the Korean subsidiary of M&M SsangYong Motors.

During the quarter under review, passenger utility vehicle sales grew 32 per cent to 62,751 units. In the reporting quarter, the company also launched its first compact SUV Quanto.

In the car segment, it sold 4,899 units of the Verito sedan, which is its sole offering in the space and was developed from its erstwhile partner Renault of France.
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