M&M posts Rs 78-million net profit in Q1

Mumbai: Mahindra and Mahindra Ltd has posted a net profit of Rs 77.98 million for the quarter ended 30 June 2002 as compared to a net loss of Rs 296.20 million for the quarter ended 30 June 2001.

The total income (net of excise) has increased from Rs 6,995.29 million in the quarter ended 30 June 2001 to Rs 8,314.88 million in the quarter ended 30 June 2002.

This profit performance during the quarter was primarily due to the increase in the volumes, both in company's automotive and farm equipment sectors, the ongoing cost reengineering exercise and the benefits accruing from the rightsizing and restructuring initiatives taken by the company last year.

The outlook for the industry in general for the coming months looks promising, but the uncertainty in respect of the monsoon in different parts of the country may dampen the demand and influence the performance of the company.

M&M last month unveiled its indigenously engineered world-class sports utility vehicle (SUV) Scorpio. The new generation SUV aptly bridges the gap between style and adventure, luxury and ruggedness, and performance and economy.

Says M&M vice-chairman and managing director Anand Mahindra: “We are extremely proud of the Scorpio and are sure that it would make both customers and carmakers think seriously about the SUV segment. We at M&M have anticipated the potential of the SUV segment and believe that the strong value proposition the Scorpio offers would make it a winner.“

Showcased in both diesel and petrol versions, the Scorpio has been conceptualised and designed by M&M's in-house integrated design and manufacturing team, incorporating the most contemporary styling, design and technology.

The Scorpio sports red, blue, silver, black and green colours and is available in M&M showrooms across major cities. In keeping with M&M's desire to deliver a truly world-class SUV, the Scorpio has some of the best-in-class international vendors involved with the project.

Exemplifying this is M&M's Nashik plant, which has a press shop by Fukui and dies from Fuji, Japan. Some of the other world-class vendors are Lear and Visteon, Bridgestone, Borgwarner, Meritor etc, all ensuring that M&M's Scorpio has integrated the very latest in international design trends and technology.