Mahindra & Mahindra shares down over 1% after Q1 results

Mumbai, Aug 8 : Shares of auto major Mahindra & Mahindra today fell by over 1 per cent after the company reported a 5.98 per cent decline in standalone net profit for the first quarter ended June 30, 2014. M&M’s stock went down by 1.42 per cent to settle at Rs 1,229.10 on the BSE. In intra-day session, it lost 3.58 per cent to Rs 1,202. At the NSE, the scrip fell by 1.55 per cent to close the day at Rs 1,230.
Mahindra & Mahindra today reported a 5.98 per cent decline in standalone net profit at Rs 881.78 crore for the first quarter ended June 30, 2014. The auto major had posted a net profit of Rs 937.91 crore during the same period a year ago. Net sales on a standalone basis during the April-June quarter declined marginally to Rs 10,597.07 crore from Rs 10,607.27 crore, Mahindra & Mahindra said in a filing to the BSE. During the quarter under review, revenue from automotive segment stood at Rs 5,988.60 crore and that from farm equipment was Rs 3,932.85 crore. It was Rs 5980.62 crore and Rs 3,899.52 crore respectively in the year-ago period.