M&M Q3 net up 11.7% at Rs 934 crore

M&M Q3 net up 11.7% at Rs 934 crore

Utility vehicle maker Mahindra & Mahindra (M&M) on Friday reported 11.7 per cent increase in standalone net profit to Rs 934.06 crore in the quarter ended December 31, 2013 from Rs Rs 836.19 crore in the same quarter of the previous financial year.

M&M attributed the growth in profit largely on its on its farm equipment business.

In a statement, the company said net sales declined to Rs 10,404.91 crore from Rs 10,642.60 crore a year earlier, while the combined net profit of M&M and its wholly owned subsidiary Mahindra Vehicle Manufacturers Ltd (MVML) was up 9.3 per cent at Rs 1,000.1 crore.

The farm equipment sector clocked a revenue of Rs 4,098.67 crore, up from Rs 3,403.97 crore in the year-ago period. the company sold 1,81,566 tractors compared with 1,50,562 units in the corresponding period of the previous financial year.

 The company said it sold 54,164 passenger utility vehicles in the third quarter, constituting a market share of 38.2 per cent.

Revenue from the automotive segment was down to Rs 6453.16 crore from Rs 7,360.50 crore a year earlier, it added.

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