M&M net profits dips 6% in Q1: Key highlights

Auto major Mahindra & Mahindra (M&M) today reported a 6% drop in net profit at Rs 882 crore for the quarter ended June 2014 against Rs 938 crore in the same period a year ago,hit by higher expenses and finance costs.

Total income increased 2.5% to Rs 10,451 crore as compared to Rs 10,187 crore in June 2013.

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Net sales of the company increased 1.91 percent to Rs 10,096 crore from Rs 9,906.23 crore in the year ago period.

The company expects to see an uptick in volumes only after six months. The first quarter was tough for both tractor and passenger vehicles.The company said the tractor business will grow at 5 percent against 8 percent projected earlier.

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Highlights of what the company management said

XUV 500 has seen sales of 100,000 units since its launch

M&M expects CV sales to recover after 6 months

UV Segment is seeing some positive growth after three quarters

Industry Growth flat after 5 quarters Of De-growth

Next six months will be tough for the passenger vehicles

Company's outlook on economy in short-term remains cautious