November 14, 2018 / 8:43 AM / 3 months ago

Mahindra & Mahindra second-quarter profit rises about 24 percent, beats estimates

FILE PHOTO: The logo of Mahindra and Mahindra is seen at a showroom in Mumbai, August 30, 2016. Picture taken August 30, 2016. REUTERS/Danish Siddiqui/File Photo

(Reuters) - India’s Mahindra & Mahindra Ltd posted a 23.9 percent rise in quarterly profit on Wednesday, beating street estimates, helped by higher revenue from its automotive segment.

Standalone profit after tax, which does not include the share of profit from unit Mahindra Vehicle Manufacturers Ltd, stood here at 16.49 billion rupees ($228.28 million) for its fiscal second quarter that ended Sept. 30, compared with 13.32 billion rupees a year earlier.

Analysts on average expected a quarterly profit of 13.08 billion rupees, according to IBES data from Refinitiv.

Revenue from operations grew 6.6 percent to 129.89 billion rupees.

($1 = 72.2350 Indian rupees)

Reporting By Arnab Paul in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu

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