M&M Q1 net profit at Rs 662 cr

Diversified business house Mahindra & Mahindra (M&M) today reported a consolidated net profit of Rs 662.3 crore for the first quarter ended June 30.

The group's net profit for the corresponding quarter stood at Rs 620.8 crore.

The consolidated gross revenue during the first quarter stood at Rs 14,256 crore, while the same was Rs 8,576.2 crore, M&M said in a filing to the Bombay Stock Exchange (BSE).

The company said the last quarter's results were not strictly comparable with the same period 2010 as last year's numbers did not include figures of SsangYong Motor Company and Satyam Computer Services.

"We are delighted to announce the consolidated financials of the Mahindra Group which in addition to the auto and farm businesses are a reflection of the robust growth of the various group companies in the IT, finance, real estate, hospitality and systech sectors," M&M Executive Director and Group CFO Bharat Doshi said.

As on June 30, 2011, the M&M Group comprised 111 subsidiaries, 6 joint ventures and 13 associates.

"A full summation of gross revenue and other income of all the group companies taken together for the quarter ended June 30, 2011, is Rs 15,844.21 crore ($3.5 billion)," the filing said.

Shares of M&M today closed 1.67% down at Rs 720 crore on the BSE.