M&M profit rises 26 percent, lags street estimates
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)
- Tweet this
- Share this
- Digg this
- British Muslims urge cooperation in Foley murder hunt
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Insight - As Ukraine forces gain in east, focus of German diplomacy shifts
- REFILE-British Muslims urge cooperation in Foley murder hunt
- UPDATE 4-Family Dollar spurns Dollar General bid on antitrust concerns
Government officials painted an upbeat picture for the economy on Thursday as it struggles to emerge from the longest spell of sub-par growth in decades and promised to tighten up risk management at the country's dominant state banks. Full Article