M&M drops in volatile trade after reporting weak Q1 results

Mahindra & Mahindra fell 0.09% to Rs 1,392.95 at 14:35 IST on BSE after net profit dropped 3.35% to Rs 852.20 crore on 3.5% decline in total income to Rs 9999.58 crore in Q1 June 2015 over Q1 June 2014.

The company announced results during market hours today, 7 August 2015.

Meanwhile, the S&P BSE Sensex was down 43.09 points or 0.15% at 28,243.79.

On BSE, so far 1.98 lakh shares were traded in the counter as against average daily volume of 61,532 shares in the past one quarter.

The stock witnessed high intraday volatility. The stock hit a high of Rs 1,441.45 so far during the trading session, which is a record high for the counter. At the day's high, the stock rose 3.39% so far. At the day's low of Rs 1,388.15 hit so far during the day, the stock fell 0.44%. The stock had hit a 52-week low of Rs 1,106 on 10 February 2015.

The stock had outperformed the market over the past one month till 6 August 2015, rising 5.57% compared with Sensex's 0.32% gain. The scrip had also outperformed the market in past one quarter, gaining 20.31% as against Sensex's 5.92% gain.

The large-cap auto company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

The combined net profit of Mahindra & Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), adjusted for exceptional items, fell 0.36% to Rs 831 crore on 2.42% decline in gross revenue plus other income to Rs 10474 crore in Q1 June 2015 over Q1 June 2014. MVML was set up as a 100% subsidiary of the company with a view to sourcing contemporary products for expanding the market offerings of the company.

M&M said in a statement that the company's balance sheet remains healthy.

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