New Delhi, July 28: Mahindra & Mahindra has posted a 40 per cent rise in first-quarter net profit at Rs 145.3 crore compared with Rs 103.9 crore in the corresponding previous period.

“The rise in profit was due to a good sales performance by both the automotive and farm equipment sectors, containment of operating expenditure and reduction in financial costs,” the company said.

M&M said gross sales and income from operations were Rs 2,049.2 crore compared with Rs 1,686 crore in the same period last year.

“Net sales and income from operations at Rs 1,811.9 crore registered a growth of 27 per cent over Rs 1,423.2 crore last fiscal,” it said.

Giving a positive outlook, the company, however, listed rising oil and raw material prices as areas of concern.

Ranbaxy net down

Intense pricing pressure in the US has pulled down Ranbaxy’s second-quarter net profit by 48 per cent.

The company today reported a profit after tax (and minority interest) of Rs 101.3 crore compared with Rs 195.8 crore for the same period last year.

“There has been an intense pricing pressure in the US and it has affected our profit in this quarter,” Ranbaxy CEO and managing director Brian W Tempest said.

He said the pressure is expected to continue through the year, although the company expected better results in the next two quarters.

L&T profit

Better margins and a tight control over costs helped Larsen and Toubro (L&T) post an over 30 per cent rise in net profit at Rs 104.79 crore for the first quarter ended June 30, 2005, compared with Rs 80.13 crore in the year-ago period.

Revenues from operations rose to Rs 3,155 crore from Rs 2,688.58 crore in April-June 2004. The improvement in operating margins by some businesses and stringent control over interest costs helped growth in net profit, L&T chief financial officer Y. M. Deosthalee said.

The company's revenues from the international operations continued to grow and its share in the total sales and services stood at 17 per cent, he said.

Saregama earnings

Saregama India doubled its net profit to Rs 1.84 crore in the first quarter of the current fiscal. The company had posted a net profit of Rs 85 lakh in the corresponding previous period. Total income from operations rose 17 per cent to Rs 26.69 crore compared with Rs 22.73 crore in the previous year.