Mahindra & Mahindra Ltd on Tuesday reported a 13.5% year-on-year rise in its consolidated net profit to Rs. 1,164.6 crore for the first quarter ended June 30, from Rs. 1,026.4 crore on the year-ago period, riding on good performance of its farm equipment segment and cost control measures.
The company’s consolidated income increased to Rs. 19,356.03 crore from Rs. 17,670.81 crore during the same period last year.
The company’s revenue from its automotive segment stood at Rs. 5,860.98 crore as against Rs. 5,822.52 crore in the year-ago quarter.
The farm segment registered revenue of Rs. 3,899.52 crore as against Rs. 3,078.29 crore in the same quarter last fiscal.
“The good growth in the rofits of the entity in the quarter is due to a very good volume performance by the farm equipment sector and tight control on expenses,” the company said in a statement.
Tractor sales in the domestic market stood at 71,696 units, up 26.1%, against 56,861 units for the same period last fiscal.