MUMBAI: Mahindra & Mahindra (M&M) on Friday reported a 19.79 per cent decline in its standalone net profit at Rs 765.96 crore for the first quarter ended June, 2017 as against Rs 954.95 crore during the same period a year ago. During the June quarter, M&M’s revenue from operations grew at a marginal 3.29 per cent at Rs 12,335.56 crore as against Rs 11,942.9 crore a year before.
The company’s vehicle sales were at 1,12,293 units during the first quarter, including 81,270 tractors. The fall in profit was on account of lower sales owing to GST transition. M&M made a provision of Rs 144 crore to support dealers with respect to duty paid for goods lying with them following the transition to GST to overcome unavailability of input credit for certain taxes paid, as well as due to tractors being exempt from excise duty in the earlier regime.
It may be noted that the auto sector’s sales were affected during the fourth quarter of the previous fiscal due to phasing out of BS-III vehicles. Moreover, saturation of replacement demand coupled with production constraints of BS-IV models led to sales being the lowest in the previous 13 quarters, it added.
Sales in auto sector were impacted due to transition to GST. Passenger vehicles were impacted in anticipation of a price reduction in the new tax regime and saw a nominal growth of 4.4 per cent. Tractor sales continued to post growth in April and May due to normal monsoon outlook.
Andhra Bank Q1 profit rises 14 pc at G40 cr
Public-sector lender Andhra Bank on Friday posted a 14 per cent rise in net profit at H40.42 crore for the quarter ended June against Rs 31.09 crore in the same quarter of the previous fiscal even as bad loans increased. The total income during the quarter increased to H5,155.21 crore, from H4,855.50 crore in the year-ago period, Andhra Bank said. The banks gross NPAs declined to 13.22 per cent of gross advances as on June 30.
MRF Q1 net profit plunges 78 % to G106.53 cr
New Delhi: Tyre major MRF has reported a 78.30 per cent drop in its standalone net profit at H106.53 crore for the quarter ended June 30, against a net profit of H490.93 crore in the year-ago period, on account of higher expenses. The total income during the quarter under review stood at H4,060.93 crore as against H3,955.93 crore in the year-ago period, up 2.65 per cent. The stock closed 2.57 per cent down at H67,400 a piece on BSE.
HPCL net drops 49.2% at G925 cr
New Delhi: State-run Hindustan Petroleum Corporation posted a 56% drop in net profit for the first quarter of the financial year 2017-18 ended June 30 at H924.75 crore, against H2,098.38 crore in the corresponding period last year. The company’s revenue for the period under review increased 13 per cent to H59,891.27 crore compared to H51,599.52 crore during the April-June quarter of 2016-17. Gross refining margin during the quarter stood at $5.86 a barrel compared with $6.83 per barrel in the same period last year.
Dabur profit dips 9.8% to G264.86cr
Mumbai: FMCG company Dabur India reported a 9.80 per cent decline in consolid-ated net profit at H264.86 crore for the first quarter ended June, 2017 as against H293.64 crore during the corresponding period a year ago. Total income during the quarter too fell 7.04 per cent to H1,871.34 crore. “Sales plunged in June across all consumer categories in view of the massive de-stocking by trade channels just ahead of the GST. The over-seas markets also continued to face severe headwinds with currency devaluations and economic turmoil in key geographies,” Dabur said.
EID Parrys consolidated profit G20.33cr, up 7.5%
Chennai: EID Parry has recorded a 7.5 per cent rise in consolidated net profits for the April-June, quarter to H20.33 crore against H18.90 crore in the year-ago period. The consolidated total income for the quarter ending June 30, 2017 rose to H3,430.25 crore from H3,075.53 crore in the year-ago period. The perform-ance in the first quarter was largely impacted due to sugarcane availa-bility in Tamil Nadu following drought,” said S Suresh, MD.
Titan posts 96.84 per cent increase in net profit
New Delhi: Titan Company reported a 96.84 per cent increase in consolidated net profit to H237.97 crore for the first quarter ended June 30 against a net profit of H120.89 crore in the same quarter a year-ago peroiod, led by robust sales in its jewellery division. Total income stood at H4,049.57 crore, up 42.56 per cent, during the period under review as against H2,840.56 crore in the corresponding period last fiscal.