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)
- Tweet this
- Share this
- Digg this
Group of 20
Financial leaders of the Group of 20 top economies remain committed to chasing higher global growth, but were divided on how to achieve it as Germany pushed back at calls from the U.S. and others for more immediate stimulus. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article