India's Mahindra Q3 net up 26 pct but lags estimates
MUMBAI Feb 8 (Reuters) - Mahindra & Mahindra Ltd, 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 ($157 million), 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. ($1 = 53.2850 rupees) (Reporting by Henry Foy; Editing by Anand Basu)
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article