Mahindra & Mahindra, the producer of the ‘Scorpio’ SUV, reported a smaller-than-expected improve in third-quarter profit on Wednesday. Weak demand for its profit-boosting tractors offset sturdy gross sales of sport utility autos (SUVs).
The standalone profit after tax for Mahindra & Mahindra rose by 60.6 per cent to Rs 2,454 crore ($295 million) within the three months ending December 31. However, this determine missed analysts’ estimates of Rs 2,512 crore.
“Our businesses have delivered solid operating performance this quarter. Auto continues to gain market share and has grown rapidly to double its profit. Farm has gained market share despite tough market conditions,” M&M Managing Director & CEO Anish Shah mentioned.
He additional mentioned, “TechM is working through challenging operating results, but I feel good that the right actions are being taken to turnaround its performance.” The firm continued the journey of unlocking worth in its development gems with the itemizing of India’s largest renewable InvIT and partnerships with marquee buyers, Shah mentioned. Shares of the corporate had been buying and selling 0.13 per cent greater at Rs 1,648.10 apiece on the BSE.
(With Reuters inputs)
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