Mahindra and Mahindra second quarter net profit jumps 25 per cent to Rs 1331 crore

Home-grown utility vehicles major Mahindra and Mahindra today reported a 24.79 per cent increase in standalone net profit at Rs 1,331.57 crore for the second quarter to September.

Published: 10th November 2017 03:35 PM  |   Last Updated: 11th November 2017 08:23 AM   |  A+A-

The logo of Mahindra and Mahindra is seen at a showroom in Mumbai. (Reuters)

By Express News Service

MUMBAI: Home-grown utility vehicles major Mahindra and Mahindra today reported a 24.79 per cent increase in standalone net profit at Rs 1,331.57 crore for the second quarter to September.

The company had posted standalone net profit of Rs 1,067.03 crore in the year-ago quarter.

Revenue from operations for the quarter under review was at Rs 12,182.07 crore while it stood at Rs 11,446.14 crore in the same period last fiscal.

The figures are not comparable due to GST implementation from July this year, the company said in a BSE filing.

The board of directors at its meeting held today has recommended issue of bonus shares in the ratio of 1:1, which is one bonus share of Rs 5 each for every one fully paid-up share of Rs 5 each.

The company would be seeking shareholders' approval through a postal ballot, it added.

During the quarter, the company sold 1,29,754 units of vehicles. Tractor sales were at 76,984 units while total exports were at 11,755 units.

On the outlook, the company said that while India remains one of the fastest growing major economies in the world, the pace of economic growth in recent quarters has remained below its potential.

"Growth momentum is likely to witness a cyclical bounceback once the effects of some of the recent transient factors fade away and the economy adjusts to the GST implementation," it said.

The stock was trading 2.31 per cent up at Rs 1,393 on the BSE today.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp