Home-grown utility vehicles major Mahindra and Mahindra today reported a 24.79 percent increase in standalone net profit at Rs 1,331.57 crore for the second quarter to September. The company had posted a standalone net profit of Rs 1,067.03 crore in the year-ago quarter. Revenue from operations for the quarter under review was at Rs 12,182.07 crore while it stood at Rs 11,446.14 crore in the same period last fiscal. The figures are not comparable due to GST implementation from July this year, the company said in a BSE filing.
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The board of directors at its meeting held today has recommended issue of bonus shares in the ratio of 1:1, which is one bonus share of Rs 5 each for every one fully paid-up share of Rs 5 each. The company would be seeking shareholders' approval through a postal ballot, it added. During the quarter, the company sold 1,29,754 units of vehicles. Tractor sales were at 76,984 units while total exports were at 11,755 units.
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On the outlook, the company said that while India remains one of the fastest growing major economies in the world, the pace of economic growth in recent quarters has remained below its potential. "Growth momentum is likely to witness a cyclical bounceback once the effects of some of the recent transient factors fade away and the economy adjusts to the GST implementation," it said. The stock was trading 2.31 percent up at Rs 1,393 on the BSE today.
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