Markets

M&M Q2 profit jumps 26% YoY to Rs 1,779 crore, beats Street estimates

NEW DELHI: Mahindra & Mahindra (M&M) on Wednesday reported a 26 per cent jump in net profit (M&M and MVML) at Rs 1,778.75 crore for the September quarter.

Analysts in an ET NOW poll had estimated a profit of Rs 1,271 crore.

The manufacturer of tractors and utility vehicles had reported Rs 1,410.86 crore profit in the year-ago period.

Revenue for the quarter (M&M and MVML) rose 6.41 per cent to Rs 12,790.17 crore compared with Rs 12,019.37 crore last year.

For Q2FY19, the Indian auto industry (excluding two wheelers) posted a moderate growth of 4.8 per cent.

"This moderation in growth was due to a high base from Q2FY18, shift of the festive season to Q3FY19 and partial slowing down of demand for passenger vehicles especially in urban parts of the country," the company said in a BSE filing.

Going forward, growth will be a function of evolving liquidity conditions as well as private and government spending. Among global factors, crude oil price behaviour and US-China trade policy manoeuvring will be the key factors to watchout for, the company said.

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