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M and M profit rises 22 percent in second quarter

Posted on Oct 26, 08:51AM | IANS

Mahindra and Mahindra, the country's biggest sports utility vehicles (SUV) manufacturer, Thursday said its net profit surged by 22 percent to Rs.902 crore for the second quarter of 2012-13 as the company's car sales outperformed markets.

The company has posted a net profit after tax of Rs.901.8 crore for the quarter ended Sep 30, 2012, as compared to Rs.737.38 crore recorded during the corresponding quarter of previous year.

Mahindra and Mahindra (M and M) total income grew to Rs.10,135.85 crore for July-September quarter of the current financial year as compared Rs.7,604.8 crore recorded in the same period last year, the company said in a statement.

The company's share price surged on better than expected second quarter earnings. Share price of Mahindra and Mahindra surged 3.59 percent to Rs.857.55 at the Bombay Stock Exchange Thursday. It was the biggest gainer in the 30 scrip barometer Sensex.