Utility vehicles drive M&M Q3 profit up 26%

Riding on strong demand for its sports utility vehicles, Mahindra & Mahindra on Friday reported a 26% year-on-year rise in net profit to Rs 836 crore in the October-December quarter against a year ago.

Riding on strong demand forits sports utility vehicles, Mahindra & Mahindra on Friday reported a 26% year-on-year rise in net profit to Rs 836 crore in the October-December quarter against a year ago. The company's total income grew 29% to Rs 11,589 crore.

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Cashing in on customer preference for diesel vehicles, M&M posted a 36% growth in SUV sales to 70,483 units. Mahindra commands a 48% market share in the utility vehicle segment. Tractor sales, however, remained flat at 62,522 units.

The company plans to launch a series of products over the next one year including an electric car, sub-4 metre sedan Verito and four refreshes and variants, said Pawan Goenka, president, automotive & farm equipment sector, Mahindra & Mahindra.