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India's Mahindra profit rises 29 pct on tractor demand
August 13, 2013 / 8:12 AM / 4 years ago

India's Mahindra profit rises 29 pct on tractor demand

MUMBAI, Aug 13 (Reuters) - 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 Reuters I/B/E/S.

($1 = 61.1450 Indian rupees)

Reporting by Aradhana Aravindan; Editing by Matt Driskill

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