|
Thursday May 28, 01:44 PM
|
Source: Financial Express
|
Mahindra and Mahindra Q4 net up 89 pct
Mahindra and Mahindra, India's top utility vehicles and tractor maker, on Thursday beat expectations with near-doubling in quarterly net profit.
Mahindra, which aims to enter the US market with a pick-up truck and sport utility vehicle early next year, said net profit rose to Rs 4.18 billion ($87.6 million) in the fiscal fourth quarter ended March from Rs 2.21 billion a year ago.
That compared with a forecast of Rs 1.97 billion in a Reuters poll.
Net sales rose to Rs 36.19 billion from Rs 31.48 billion, and were also above a forecast of Rs 34.01 billion.
Shares in Mahindra, valued at $3.6 billion, had risen 39.4 per cent in the March quarter while the main index rose 0.6 per cent.
