Mahindra & Mahindra posted lower profits in the first quarter amid a surge in the auto market in the July-September quarter with a profit of Rs 368.43 crore after tax, down 78.44 per cent. It was Rs 1,708.92 crore in the same quarter last year. Giving this information in a regulatory filing, the company said that the total income of the company decreased by 7.56 percent to Rs 24,149.42 crore. It was Rs 26,125.49 crore in the September quarter last year.
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Automotive sector revenue declined by 15.85 per cent to Rs 12,058.79 crore. It was Rs 14,330.54 crore in the same quarter last year. At the same time, the revenue of the farm equipment sector declined by 1.49 per cent to Rs 5,369.89 crore. It was Rs 5,451.20 crore in the same quarter last year. The company sold 1,10,824 vehicles in the September quarter. This is 21.49% lower than the sales figure of 1,41,163 in the same quarter last year. The company sold 68,359 tractors. This is 6.37 percent less than 73,012 tractors sold in the same quarter last year.
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Eicher Motors has reported a profit of 4.36 per cent to reach Rs 572.69 crore in the September quarter. The company sells motorcycles under the Royal Enfield brand. It had a profit of Rs 548.76 crore in the September quarter last year. However, the company revenue fell 6.9 per cent to Rs 2,326.82 crore. Gail of the same state-run natural gas processing and distribution company GAIL declined by 34.7 per cent to Rs 1,167.58 crore in the September quarter. It was Rs 1,788.98 crore in the same quarter last year. The company's total revenue fell by 5.2 per cent to Rs 18,485.19 crore.
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