Auto major Mahindra & Mahindra on Wednesday reported 40.30 per cent jump in net profit at Rs 562.39 crore (Rs 5.62 billion) for the quarter ended June 30.
The company had posted a net profit of Rs 400.85 crore (Rs 4.01 billion) in the corresponding quarter of the last fiscal, Mahindra & Mahindra (M&M) said in a statement.
The total income during the first quarter also increased by 21.63 per cent to Rs 5,160.10 crore (Rs 51.6 billion) from Rs 4,242.59 crore (Rs 42.43 billion) in the year-ago period, it added.
"The good financial results of the company for the quarter is due to higher volumes, focused cost control, prudent financial management resulting in lower interest expenses and a fuller realisation of the synergies arising from its acquisition of the erstwhile Punjab Tractors Ltd," M&M said.
During the quarter, the company sold 53,948 units of utility vehicles compared to 48,720 units, up 10.73 per cent.
The company also posted 13.73 per cent rise in tractor sales at 47,916 units against 42,130 units same period last year.
"However, high and rising inflation, the likely hardening of the interest rates and increasing volatility in global financial markets remain sources of concern," the firm said.
