M&M Q1 net surges 144 pc

<div class="section1"><div class="Normal"><span style="" font-family:="" arial="" font-size:="">NEW DELHI: Continued demand for its SUV Scorpio and the steady sales on its tractors helped India''s oldest surviving utility vehicle maker Mahindra & Mahindra to ride through the first quarter of 2004-05 with a 144 per cent jump in net profit. The firm posted a net profit of Rs 103.90 crore for the quarter ended June 30, 2004 as compared to Rs 42.49 crore a year earlier.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">Its total income (net of excise) drove up by 39 per cent to Rs 1,431.47 crore from Rs 1,024.01 crore a year earlier.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">The company said the current fiscal has begun on a promising note.But it cautioned that the impact of the delayed monsoon is yet to be seen.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">"The general thrust in the Budget on agriculture and the exemption of excise on tractors will have a positive impact on the company. The operations for the current year both in the automotive and farm equipment sectors look promising and if the economy continues to grow at the levels that are being predicted, it would augur well for the company," it said in a statement.</span></div> </div>