India's Mahindra Q3 net up 26 pct but lags estimates

MUMBAI Fri Feb 8, 2013 2:31pm IST

Stocks

   

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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

TCS Results

TCS Results

TCS net profit rises 51.5 percent, sees stronger sales growth.  Full Article | Quote 

Google Results

Google Results

Google Q1 revenue misses Wall Street targets.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Sparking Boom

Sparking Boom

BlackBerry: the crash that launched 1,000 start-ups.  Video 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Reuters India Mobile

Reuters India Mobile

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