Mahindra Q3 Profit Rises 12%, Matches Estimates - The New Indian Express

Mahindra Q3 Profit Rises 12%, Matches Estimates

Published: 14th February 2014 02:56 PM

Last Updated: 14th February 2014 02:56 PM

Mahindra & Mahindra Ltd , India's biggest utility vehicle maker by sales, posted a 12 percent rise in quarterly profit, matching estimates as strong tractor sales offset slowing demand for its passenger and commercial vehicles.

Standalone profit was 9.34 billion rupees ($150 million) in the fiscal third quarter ended December, against 8.36 billion rupees a year earlier. Net sales fell 2 percent to 104.05 billion rupees at Mahindra, also the world's largest tractor company by sales volume.

Analysts, on average, had expected a profit of 9.39 billion rupees, according to Thomson Reuters I/B/E/S.

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