MUMBAI Aug 13 Mahindra & Mahindra Ltd
, India's biggest utility vehicle manufacturer, posted
a 29 percent rise in first-quarter profit, beating expectations,
as strong demand for its tractors compensated for falling sales
of its sport utility vehicles.
Profit for the quarter ended in June was 9.38 billion rupees
($153.41 million) compared with 7.26 billion rupees a year ago,
said the company, which owns South Korean car maker Ssangyong
Motor Co Ltd.
Net sales rose 7 percent to 99.1 billion rupees compared to
92.5 billion rupees over the same period a year earlier.
Analysts, on average, had expected profit of 8.77 billion
rupees on revenue of 102.78 billion rupees, according to Thomson
($1 = 61.1450 Indian rupees)
(Reporting by Aradhana Aravindan; Editing by Matt Driskill)