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Mahindra beats street with 20% rise in Q1 net

Mahindra & Mahindra, India's biggest utility vehicle manufacturer, beat street estimates with a 20% rise in first-quarter net profit, as strong demand for its sporty cars offset sluggish sales at its key tractor business.

autos Updated: Aug 08, 2012 14:16 IST
Reuters
Mahindra & Mahindra,mahindra,mahindra earnings

Mahindra & Mahindra, India's biggest utility vehicle manufacturer, beat street estimates with a 20% rise in first-quarter net profit, as strong demand for its sporty cars offset sluggish sales at its key tractor business.

Mahindra said on Wednesday net profit for the June quarter was Rs. 7.26 billion, against Rs. 6.05 billion a year earlier.

Net sales rose 40% to 92.48 billion rupees.

Analysts, on average, had expected profit of 6.25 billion rupees, on revenue of 90.45 billion rupees, according to Thomson Reuters I/B/E/S.

First Published: Aug 08, 2012 14:14 IST