M&M profit rises 26 percent, lags street estimates

MUMBAI Fri Feb 8, 2013 7:23pm IST

A worker cleans a Mahindra vehicle inside the company's showroom on the outskirts of Agartala, November 26, 2012. REUTERS/Jayanta Dey/Files

A worker cleans a Mahindra vehicle inside the company's showroom on the outskirts of Agartala, November 26, 2012.

Credit: Reuters/Jayanta Dey/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Mahindra & Mahindra Ltd(MAHM.NS), India's biggest utility vehicle manufacturer, posted a 26 percent rise in profit for the three months to end-December but lagged street estimates, as a slide in operating margin offset strong SUV sales growth.

Shares in the company fell as much as 1.4 percent after the results. They were down 0.4 percent before the results were released.

Mahindra, also the world's largest tractor company by sales volume, said profit for the fiscal third quarter was 8.36 billion rupees, against 6.62 billion rupees a year earlier. Net sales increased 29 percent to 106.43 billion rupees.

Analysts, on average, expected profit of 8.62 billion rupees, according to data from Thomson Reuters Starmine.

Mahindra's passenger vehicle sales rose an annual 36 percent during the quarter, as its domestic tractor sales inched up 3.9 percent.

(Reporting by Henry Foy; Editing by Anand Basu)

FILED UNDER:

"India's Daughter"

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage