Mahindra Forgings reported a consolidated net profit of Rs 18 crore for April-June, compared with a loss of Rs 13 crore in the year ago quarter. The Mahindra group company’s earnings were boosted by strong consolidated revenue, which rose 51% year-on-year to Rs 611 crore in the first quarter.
Without considering the currency translation gain due to depreciation of the euro, revenue growth was 33% for the three-month period, Mahindra Forgings said. While revenue from India rose 21%, Europe revenue surged 43% year-on-year in April-June.
"European recovery has been stronger than anticipated and revenue has increased to euro 80 million in current (first) quarter," the company said Tuesday.
Mahindra Forgings said registrations of heavy trucks (the relevant segment for Mahindra's Forgings) in the first half of 2011 (Jan-June) rose 40% year-on-year. It expects the growth trajectory will be maintained for the rest of 2011.
On a standalone basis, however, Mahindra Forgings swung to a loss of Rs 65.94 lakh in April-June, compared with a marginal profit of Rs 4.98 lakh in the year ago quarter, due to higher interest expenses. Its net income from operations in April-June rose 21% year-on-year to Rs 94.88 crore.
During the three-month period, Mahindra Forgings' interest expense surged 30% from a year ago to Rs 3.89 crore.
Mahindra Forgings shares ended down 2% at Rs 70.45 on NSE on Tuesday.
Source: www.moneycontrol.com
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