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Mahindra & Mahindra Q1 net profit up 8%, beats f'cast
Mahindra & Mahindra , India's largest utility vehicles maker today reported a better-than-expected 8% rise in quarterly net profit, driven by strong volume and demand growth.
Updated on: Aug 8, 2011, 15:00:25 IST
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Mahindra & Mahindra , India's largest utility vehicles maker, on Monday reported a better-than-expected 8% rise in quarterly net profit, driven by strong volume and demand growth.
The company reported a net profit of 6.05 billion rupees ($135.2 million) for its fiscal first quarter ended June, compared with 5.6 billion a year ago.
Analysts, on average, expected a net profit of 5.9 billion rupees, a Reuters poll of brokerages had showed.
Shares in Mahindra, valued at $9 billion, rose as much as 4% to 679.90 rupees, bucking the broader market trend, on Monday.
Its shares have fallen 16% so far this year, compared with a nearly 19% drop in the sector index and a 15.6% fall in the main index.
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