M&M Q4 net profit up, shares zoom
India’s largest utility vehicle manufacturer Mahindra and Mahindra on Thursday beat market estimates with a marginal 1.7% year-on-year rise in net profit to Rs 889 crore for the quarter ended March 31, 2013, sending its shares up 4.6% to Rs 1005 on the BSE.
Analysts had expected a profit of Rs 762 crore during the fourth quarter.
The company, however, warned that the 3% additional duty on utility vehicles imposed in this year’s budget may affect margins.
Net income also rose 11.7% to Rs 10487 crore during the quarter on the back of a 23% jump in sports utility vehicle sales and a 19% rise in passenger car sales during the quarter.