JOIN USUtility vehicle manufacturer Mahindra & Mahindra (M&M) on Friday logged a 26 per cent rise in profit for the quarter ended December 31, 2012 to Rs 836.19 crore as against Rs 662.15 crore in the comparable quarter of last fiscal, on the back of good vehicle sales.
The company's net income during the period under review went up by 28.53 per cent to Rs 10,774.28 crore from Rs 8,382.91 crore, M&M said in a statement.
“The growth in profits despite relentless increase in material costs is due to a good volume performance by automotive sector and tight control on expenses,” it said.
During the quarter, the company sold 70,483 units in the passenger utility vehicle segment, an increase of 36 per cent on y-o-y basis.
In the passenger car segment, the company sold 3,814 units of Verito. It exported 6,500 units.
In the tractor segment, M&M said the domestic market registered a moderate growth, with sales growing by 3.9 per cent over the year-ago period. It sold 62,522 tractors under the Mahindra and Swaraj brands as against 62,342 tractors sold in the same period last year. It exported 2,459 tractors. Besides, the engine business revenue grew 11 per cent to Rs 222.10 crore.