M&M's Q1 standalone net profit up 63%

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Mumbai : Automobile major Mahindra and Mahindra (M&M) on Tuesday reported a 63 per cent rise in its standalone net profit for the quarter-ended June 2018-19.

The net profit in April-June 2018-19 stood at Rs 1,221 crore, against Rs 749 crore reported in the corresponding period of financial year 2017-18 (FY18).

According to the company, the total income during the period under review stood at Rs 13,784.89 crore, higher by 9.57 per cent from Rs 12,580.44 crore earned during FY18.

On a combined basis, M&M and Mahindra Vehicle Manufacturers (MVML) net profit during Q1 rose by 67 per cent to Rs 1,257 crore from Rs 752 crore reported for the corresponding period of the previous fiscal.

As per the results, the revenues and other income during the period under review rose to Rs 13,551 crore, up 23 per cent from Rs 11,006 crore earned during Q1 of 2017-18.

"The demand for both automobiles and tractors was driven by positive sentiment in the economy (both urban and rural) due to a third consecutive year of a normal monsoon, sustained investment in road and infra projects and availability of affordable finance," the company said in a statement.