Mahindras ride on tractor sales to 29% Q1 profit rise
14 Aug 2013 10:39 PM GMT
Mahindra and Mahindra ‘s (M&M) standalone results registered a growth of 29.3 per cent in net profit after tax for Q1 FY14 with Rs 937.9 crore, as against Rs 725.6 crore for the same period last year. Gross revenues and other income of M&M and MVML (entity) during this quarter grew by 8.0 per cent to Rs 10,801.5 crore as against Rs 10003.9 crore last year’s corresponding quarter.
Good growth in the quarter’s profits was due to good volume performance by farm equipment sector and tight control on expenses, said Dr Pawan Goenka, President, Automotive and Farm Equipment Sectors, on Tuesday. The slowdown in the economy has led to automotive industry shrinkage by 2 per cent, though the domestic tractor industry witnessed strong growth with the Entity selling 71696 tractors this quarter compared to 56861 last corresponding quarter.
The Mahindra Group’s recent acquisition Ssangyong Motor company, which is number four such company in South Korea, broke even for the first time with profit after tax of Rs 41 crore through 26.8 per cent growth in consolidated revenues and 138 per cent growth in results. China can become a potential big market for Ssangyong, said Goenka.
In another significant development of Q1 FY14, Tech Mahindra successfully completed the merger of Mahindra Satyam with itself to become the fifth largest IT company in India. At the end of the quarter, the group comprised of 128 subsidiaries, six joint ventures and 11 associates.
Good growth in the quarter’s profits was due to good volume performance by farm equipment sector and tight control on expenses, said Dr Pawan Goenka, President, Automotive and Farm Equipment Sectors, on Tuesday. The slowdown in the economy has led to automotive industry shrinkage by 2 per cent, though the domestic tractor industry witnessed strong growth with the Entity selling 71696 tractors this quarter compared to 56861 last corresponding quarter.
The Mahindra Group’s recent acquisition Ssangyong Motor company, which is number four such company in South Korea, broke even for the first time with profit after tax of Rs 41 crore through 26.8 per cent growth in consolidated revenues and 138 per cent growth in results. China can become a potential big market for Ssangyong, said Goenka.
In another significant development of Q1 FY14, Tech Mahindra successfully completed the merger of Mahindra Satyam with itself to become the fifth largest IT company in India. At the end of the quarter, the group comprised of 128 subsidiaries, six joint ventures and 11 associates.
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