The farm equipment sector clocked revenue of Rs 4,098.67 crore, up from Rs 3,403.97 crore in the corresponding period of the previous financial year.
Mahindra & Mahindra (M&M) on Friday reported a 11.7 per cent rise in net profit for the third quarter of 2013-14 at Rs.934.1 crore on marginally lower gross revenues of Rs.11,295.1 crore (Rs.11,588.9 crore). Operating profit was up at Rs.1187.45 crore (Rs.1032.29 crore).
Addressing media, V. S. Parthasarathy, CFO, said sales grew 16.5 per cent in January 2014 and a 18 per cent plus growth for the full year is possible with expectations of a good crop. The new Zaheerabad facility is making 100 tractors per day.
M&M along with its 100 per cent subsidiary, Mahindra Vehicle Manufacturers Ltd. (MVML), reported a 9.3 per cent higher net profit of Rs.1,000.1 crore on lower gross revenues of Rs.11,270 crore (Rs.11,522 crore). The operating margin was the highest in 11 quarters at 15 per cent (13.5 per cent).
Pawan Goenka, President, Automotive & Farm Equipment Sectors, M&M, said the operating margins were high because of the high volume growth and higher gross margins. M&M attributed the deceleration in gross revenues to the challenging times in the auto industry with volumes down 11.7 per cent during Q3.
On the outlook, Mr. Goenka said, “We hope for an 8-10 per cent growth in the auto sector as it has been subdued for a while. Though there is no justification, the passenger vehicle industry has been on a negative path this year. Any trigger could get it back on track and 8-10 per cent is fairly simple if sentiment returns.’’
Steel Authority of India Ltd. (SAIL) reported a 10 per cent rise in profit after tax at Rs.533 crore for the October-December quarter of the current fiscal. Talking to reporters here, SAIL Chairman, C. S. Verma, said the company’s sales went up by 7 per cent. Net sales realisation was also higher, leading to profit after tax to grow by 10 per cent.
The board also approved a 20.2 per cent interim dividend as against 16 per cent last year.
During the quarter under review, SAIL reported a turnover of Rs.12,716 crore compared to Rs.11,801 crore in the year-ago period.
The average net sales realisationhas risen to Rs.35,336 crore during the quarter from Rs.35,168 crore a year ago.
Oil and Natural Gas Corporation, on Thursday reported a 28 per cent jump in December quarter net profit as rupee depreciation against the dollar helped it realise more revenues, which neutralised a near record subsidy payout.
The net profit in October-December rose to Rs. 7,126 crore from Rs. 5,563 crore a year ago, ONGC Chairman and Managing Director Sudhir Vasudeva said.
ONGC paid Rs. 13,764 crore in the third quarter to help fuel retailer sell diesel and cooking fuel at rates below cost, 10.7 per cent more than Rs 12,433 crore in the same period a year ago.