Mahindra & Mahindra rose 2.23% to Rs 879.35 at 13:41 IST on BSE as the combined net profit of the company and its 100% subsidiary jumped 16.9% to Rs 909.70 crore in Q1 June 2013 over Q1 June 2012.
The company announced results during trading hours today, 13 August 2013.
Meanwhile, the BSE Sensex was up 188.30 points, or 0.99%, to 19,135.28
On BSE, 1.78 lakh shares were traded in the counter compared with average volume of 1.48 lakh shares in the past one quarter.
The stock hit a high of Rs 897.85 and a low of Rs 870 so far during the day. The stock hit a 52-week high of Rs 1026.45 on 20 May 2013. It hit a 52-week low of Rs 730.55 on 13 August 2012.
The stock had outperformed the market over the past one month till 12 August 2013, falling 5.02% compared with the Sensex's 5.07% decline. The scrip had, however, underperformed the market in past one quarter, sliding 11.21% as against Sensex's 5.84% fall.
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The large-cap company has an equity capital of Rs 307.94 crore. Face value per share is Rs 5.
The combined gross revenue of Mahindra & Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML) rose 8% to Rs 10801.50 crore in Q1 June 2013 over Q1 June 2012. MVML, located at Chakan near Pune in Maharashtra, has been set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offering of M&M.
Mahindra & Mahindra (M&M) said that the good growth in the profits of the combined entity (M&M and MVML) in the quarter was due to good volume performance by farm equipment sector and tight control on expenses. The operating margin of the combined entity during the quarter improved to 14.4% compared with 13.9% in Q1 June 2012.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
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