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Mahindra & Mahindra Q2 net at Rs 58 cr
By siliconindia
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Wednesday, 30 October 2002, 20:30 IST
MUMBAI: Mahindra & Mahindra Ltd has reported a net profit of Rs 58.27 crore for the quarter ended September 30, 2002 as compared to a net loss of Rs 2.67 crore in the quarter ended September 30, 2001.
Sales (net of excise) has increased from Rs 761.1 crore in the quarter ended September 30, 2001 to Rs 820.63 crore in the quarter ended September 30, 2002. Other income has increased from Rs 12.52 crore in the quarter ended September 30, 2001 to Rs 18.75 crore in the quarter ended September 30, 2002.
The improvement in operating profits of the company in the quarter is due to the increase in the sales volumes in the Companys Automotive Sector and the benefits accruing from the cost-reengineering and restructuring initiatives taken by the Company in the recent past.
Agriculture continues to play a major role in the Indian economy. Due to an inadequate monsoon and resultant decline in the agricultural output this year, rural incomes have stayed under pressure. Whilst there will be a consequent impact of this external environment on our business, the company will strive to mitigate this impact and retain market dominance through its continuing focus on customer requirements, cost and process efficiencies and introduction of new products and variants.