Despite lower sales in its tractor business, Mahindra & Mahindra (M&M), on Thursday, reported a 22.3 per cent growth in its net profit for the second quarter of 2012-13 at Rs.902 crore (Rs.737.4 crore).
Sales grew 33 per cent to Rs.10,891.4 crore. Operating margins were lower at 11.4 per cent (12 per cent).
The company’s performance was boosted by improved numbers from its vehicle and sports utility vehicle (SUV) sales.
The statement said the company sold 62,751 passenger utility vehicles, a growth of 32 per cent over the year-ago period. For the half-year ended September 30, 2012, the company reported a 21.2 per cent growth in net profit at Rs.1,627.4 crore on 35.3 per cent higher gross revenues of Rs.21,007 crore.
Including the business of 100 per cent subsidiary, Mahindra Vehicle Manufacturers Ltd., located at Chakan, near Pune, the combined net profit was up 28.4 per cent at Rs.978 crore during the quarter under review on 31 per cent higher gross revenues of Rs.10,786.7 crore.
For the half-year, the combined net profit was up 27.3 per cent at Rs.1,756.6 crore on 33 per cent higher revenues of Rs.20,790.6 crore.
Adani Enterprises has reported a 42 per cent decline in consolidated net profit at Rs. 320 crore for the second quarter ended September 30, 2012, as compared to Rs. 553 crore in same period last year.
The total consolidated income for quarter rose to Rs. 10,265 crore from Rs. 10,084 crore for the same period last year.
Kotak Mahindra Bank
Kotak Mahindra Bank has posted a rise of 8 per cent in its net profit at Rs. 280.38 crore in the three months ended September 30, 2012, as compared to Rs. 260 crore for the corresponding quarter of the previous year.
The bank’s total income increased to Rs. 2,174.5 crore from Rs. 1,677 crore for the same period last year, up 30 per cent
The results for the quarter ended September 30, 2012 include a provision of Rs. 42 crore on account of non-performing assets acquired from a non-banking finance company during the quarter, which was considered NPA and fully provided for.
Net interest income for the second quarter was up 25 per cent year-on-year to Rs. 758 crore from Rs. 605 crore in the same period last year.