Utility vehicle and farm equipment maker Mahindra &
Mahindra reported a better-than-expected 22% year-on-year rise in second
quarter net profit at Rs 902 crore, helped by strong automotive sales growth
and higher other income, sending its shares up over 3%.
Its net sales during the three-month period were up 33% from
a year ago to Rs 9,659 crore.
Analysts on an average had estimated a net profit of Rs 820
crore on net sales of Rs 9,600 crore, according to a CNBC-TV18 poll.
In July-September M&M's other income increased 30% to Rs
323 crore, which included dividend received from subsidiaries and joint
ventures. During the quarter, Mahindra Defence Systems, Divine Heritage Hotels
and Gables Promoters became subsidiaries of the company, it said on Thursday.
Earnings before interest, tax, depreciation and amortization
(EBITDA) jumped 28 % year-on-year to Rs 1,118.9 crore, which was above analysts'
forecast of Rs 1,071 crore.
In the second quarter, M&M's utility vehicle sales rose
32% to 62,751 units and has a market share of 45.4%. It also sold 4,899 Verito
cars in the quarter.
Its exports in July-Sep surged 43% to 10,349 units.
However, its tractor division sales tumbled 14% to 47,065
units last quarter in the domestic market. It had a market share of 40.3% in
the quarter, down from 41.2% in the year ago quarter.
Tractor sales have hit speed bumps in the last couple of
quarters and the company said the domestic tractor industry de-grew 12% in Q2
due to below normal monsoon.
At 15:00 hrs, M&M shares were up 2.9% at Rs 852.90 on
NSE.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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