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M&M profit up 13.46% on cost controls

The company had reported a profit of Rs 1,026.4 crore for the same period in the previous fiscal.

Written by Press Trust Of India | Published: August 14, 2013 3:11:48 am

Mumbai: Amid a sluggish auto sector,utility vehicles leader Mahindra & Mahindra (M&M) today posted a 13.46 per cent increase in consolidated net profit to Rs 1,164.6 crore for the first quarter ended June 30,on good performance of its farm equipment segment and cost control measures. The company had reported a profit of Rs 1,026.4 crore for the same period in the previous fiscal. “The good growth in the profits of the entity in the quarter is due to a very good volume performance by the farm equipment sector and tight control on expenses,” M&M automotive and farm equipment sectors president Pawan Goenka said.

OIL India reports 34.5% drop in June quarter net

new delhi: State-owned Oil India Ltd (OIL) on Tuesday reported a 34.5 per cent drop in its June quarter net profit after net realisation fell due to higher fuel subsidy outgo. OIL,the nation’s second largest state explorer,posted a net profit of Rs 609.08 crore,or Rs 10.13 per share,in April-June quarter as compared to Rs 929.93 crore,or Rs 15.47 per share,in the same period a year ago,the company said in a statement. The company shelled out Rs 1,982.06 crore to make up for a part of the losses state retailers suffer on selling diesel,cooking gas (LPG) and kerosene at government controlled rates. The subsidy outgo was lower than Rs 2,015.52 crore a year ago.

DLF Q1 profit down 38% at R181.19 crore

new delhi: India’s largest realty firm DLF has reported 38 per cent fall in consolidated net profit at Rs 181.19 crore for quarter ended June 30,2013,on higher expenses. Profit stood at Rs 292.79 crore in the year-ago period. However,income from operation increased by 5 per cent to Rs 2,314.08 crore in the first quarter of this fiscal compared with Rs 2,197.71 crore in the corresponding period of last fiscal. The board re-appointed KP Singh as chairman for a period of 5 years with effect from October 1,2013,and co-opted Rajiv Krishan Luthra and Pramod Bhasin as additional directors in capacity of non-executive independent directors,DLF said in a filing to the BSE.

Hindalco Q1 net up 12% at R474 crore

Mumbai: Hindalco Industries on Tuesday reported an 11.61 per cent growth in standalone net profit to Rs 474 crore for the first quarter ended June 30,largely due to an increase in other income. The flagship firm of the Aditya Birla Group had posted a profit of Rs 424.77 crore in the corresponding period of the previous fiscal year,the company said in a BSE filing. Hindalco said it is re-evaluating the investment strategy for the Aditya alumina refinery in Orissa and the Jharkhand aluminium projects due to “delays in getting various regulatory approvals and the current uncertain economic environment.” Net sales fell 3.31 per cent to Rs 5,766.69 crore,mainly due to an 8.46 per cent decline in revenue from the copper business (at Rs 3,635.77 crore).

AstraZeneca Q1 net profit at R1.76 crore

new delhi: AstraZeneca Pharma India on Tuesday posted net profit of Rs 1.76 crore for the first quarter ended June 30,2013. The company had posted net loss of Rs 8.14 crore during the April-June period of 2012-13 fiscal. Net sales during Q1,2013-14 rose to Rs 125.13 crore,compared to Rs 91.26 crore in the year-ago period,AstraZeneca Pharma said in a filing to the BSE.

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