Robust sale of passenger utility vehicles help
Mahindra & Mahindra (M&M) reported a 26.3 per cent growth in net profit for the third quarter of 2012-13, at Rs. 836.2 crore, aided by robust sales of passenger utility vehicles (UVs).
The company’s net sales were up 29 per cent at Rs. 10,643 crore.
M&M, including its 100 per cent sourcing subsidiary Mahindra Vehicle Manufacturers Ltd. (MVML), reported a 30 per cent growth in net profit at Rs. 915 crore on higher revenues of Rs. 11,522 crore.
In the passenger utility vehicle (UV) segment, it sold 70,483 units, a growth of 36 per cent. In a statement, M&M said the growth in the profits “despite the relentless increase in material costs is due to a good volume performance by the automotive sector and a tight control on expenses.” Further, M&M said all products from the UV portfolio did well along with the recently-launched premium SUV Ssangyong Rexton. The company has a market share of 47.9 per cent in this segment.
It exported 6,500 vehicles and sold 3,814 Verito cars during the quarter under review.
M&M’s tractor business saw marginally higher sales of 62,522 tractors (62,342 units) and its market share was at 41.5 per cent during the quarter. It exported 2,459 tractors.
For the nine-month period ended December 2012, M&M reported a 23 per cent higher net profit of Rs. 2,463.6 crore on 33 per cent higher gross revenues of Rs. 32,596 crore. Including MVML, net profit rose 28 per cent to Rs. 2,671.5 crore on 31 per cent higher gross revenues of Rs. 32,313 crore.