Mahindra & Mahindra Q1 net up 13%

Mahindra & Mahindra Ltd on Tuesday reported a 13.5% year-on-year rise in its consolidated net profit to ₹ 1,164.6 crore for the first quarter ended June 30, from ₹ 1,026.4 crore on the year-ago period, riding on good performance of its farm equipment segment and cost control measures.

The company's consolidated income increased to ₹ 19,356.03 crore from ₹ 17,670.81 crore during the same period last year.

The company's revenue from its automotive segment stood at ₹ 5,860.98 crore as against ₹ 5,822.52 crore in the year-ago quarter.

The farm segment registered revenue of ₹ 3,899.52 crore as against ₹ 3,078.29 crore in the same quarter last fiscal.

"The good growth in the rofits of the entity in the quarter is due to a very good volume performance by the farm equipment sector and tight control on expenses," the company said in a statement.

Tractor sales in the domestic market stood at 71,696 units, up 26.1%, against 56,861 units for the same period last fiscal.

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