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Mahindra Mahindra Q1 profit surges 67% YoY to Rs 1,257 crore

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NEW DELHI: Mahindra Mahindra (MM) on Tuesday reported 67 per cent YoY rise in profit at Rs 1,257 crore for June quarter, beating Rs 1,172 crore PAT projected by analysts in an ETNow poll.

The company had reported Rs 752 crore profit in the year ago quarter.

The results included Mahindra Vehicle Manufacturers Limited (MVML) numbers. Total revenue for the quarter rose 23 per cent YoY to Rs 13,551 crore from Rs 11,006 crore in the year-ago quarter. Operating profit margin at 15.8 per cent for the quarter was up 260 basis points over 13.8 per cent in the year-ago quarter. The company exported 9,360 vehicles during the quarter, a growth of 100.2 per cent over the corresponding quarter previous year.

Tractor sales rose 18.8 per cent. "Consumption, both rural and urban, remains healthy.

A normal monsoon, with a satisfactory temporal and spatial distribution, combined with the recently approved higher MSP for kharif crops should help support rural consumption further.

Improving capacity utilisation and credit offtake too augur well for investment activity," the company said in a BSE filing.

"However, the recently announced and anticipated tariff increases by the United States and retaliatory measures by trading partners have increased the likelihood of escalating and sustained trade actions.

These could pose risks to global recovery and investments," it added said. The numbers were supported by lower base as the industry volumes were hurt in the year-ago quarter due to the slowdown in demand preceding the implementation of GST in July 2017 and commercial vehicle volumes were adversely impacted due to supply constraints arising from implementation of BS IV norms.




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