Mahindra

Mumbai, Jul 30: The USD 4.5 billion Mahindra&Mahindra Ltd reported a 14.8 per cent increase in profit at Rs 192.2 crore for its first quarter ended as on June 30, as against Rs 167.4 crore for the last year's quarter.

The automotive arm of the company's performance was robust with sales growing at 23.6 per cent, ahead of industry growth of 8.2 per cent.

In the large 3-wheeler segment, the company arrested its declining sales at 37 per cent and held a market share of 53 per cent. The small 3-wheeler segment grew at 74 per cent led by strong sales of its 'Champion Alfa'.

The company's farm equipment sales grew by 1 per cent against the industry trend, which was declining by 4 per cent. It also maintained its position, as a market leader with a 33.5 per cent market share.

Revenues for the engine and DG sets for the quarter were also strong with a growth of 73 per cent and sales of Rs.103 crore as against Rs.60 crore for the last quarter.

All the major group companies like Tech Mahindra, Mahindra Finance, Mahindra Gesco chalked up improved performances. Tech Mahindra registered a 49 per cent growth in revenues and 59 per cent growth in profits.

Mahindra Gesco registered a 36 per cent growth in revenues and 261 per cent growth in profits.

The company forecasts the economy to continue growing strongly with the monsoon, interest rates, strengthening rupee and slowdown in credit growth being potential spoilsports.

The 60 year-old Mahindra Group is among the top 10 industrial houses in India. The Group has 79 subsidiaries, 4 JVs' and 10 Associates, and employs over 40,000 people.

The company is listed in the Top 200 of the World's Most Reputable and in the Top 10 list of Most Reputable Indian companies by Forbes, a release said.

UNI