India's Mahindra beats expectations with 22 pct rise in Q2 net
MUMBAI Oct 25 (Reuters) - Mahindra and Mahindra Ltd , India's biggest utility vehicle manufacturer, beat analysts' estimates with a 22 percent rise in second-quarter net profit, as continued strong sales of its SUVs more than compensated for a slide in tractor sales.
Mahindra said on Thursday net profit for the September quarter was 9.02 billion rupees ($168 million), against 7.37 billion rupees a year earlier.
Net sales rose 33 percent to 96.59 billion rupees.
Analysts, on average, had expected profit of 8.40 billion rupees, on revenue of 95.72 billion rupees, according to Thomson Reuters I/B/E/S.