M&M Q1 net surges on takeover, sales | business | Hindustan Times
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M&M Q1 net surges on takeover, sales

business Updated: Jul 30, 2009 20:55 IST
HT Correspondent

Mahindra & Mahindra Ltd (M&M), the maker of cars, trucks, buses and tractors, reported a net profit of Rs 401 crore in the three months ending June 2009, up 152 percent from Rs 159 crore last year.

Net sales rose to Rs 4229 crore from Rs 3287 crore ayear ago.

“We see signs of a return in consumer confidence, though the growth in utility vehicles would be in low single digits,” said Pavan Goenka, president and member of the board, M&M.

Utility vehicles sales rose 28.5 per cent in the quarter to 48,720 vehicles from a year earlier.

M&M’s profits were boosted by strong sales of utility vehicles and its takeover of Punjab Tractors, which has helped the company consolidate its position and be more competitive in the tractor market, the management said on Thursday.