Saturday, July 13, 2024

Mahindra & Mahindra quarterly profit jumps 70%

Mahindra & Mahindra Ltd.’s profit surpassed analyst estimates in the quarter ended March on the back of an exceptional gain.

The Anand Mahindra-led automaker reported a net profit of Rs 1,155 crore for the January-March period, an increase of 50 percent from the year-ago period, according to its stock exchange notification. That compares with the Rs 1,050 crore consensus estimate of analysts tracked by Bloomberg. The bottom line was boosted by an exceptional gain of Rs 47.86 crore.

Revenue of the company rose 25.6 percent year-on-year to Rs 13,189 crore driven by the farm equipment segment.
Analysts on average expected a quarterly profit of Rs 1,045 crore, according to Thomson Reuters data.

Revenue from operations grew 10.5 per cent to RS 13,308 crore.
Revenue from the farm equipment segment rose 33 percent year-on-year to Rs 3,716 crore.
Revenue from the automotive segment rose 2.5 percent to Rs 9,136 crore.

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