Mahindra beats street with 20% rise in Q1 net

Mahindra & Mahindra, India's biggest utility vehicle manufacturer, beat street estimates with a 20% rise in first-quarter net profit, as strong demand for its sporty cars offset sluggish sales at its key tractor business.

Mahindra said on Wednesday net profit for the June quarter was ₹ 7.26 billion, against ₹ 6.05 billion a year earlier.

Net sales rose 40% to 92.48 billion rupees.

Analysts, on average, had expected profit of 6.25 billion rupees, on revenue of 90.45 billion rupees, according to Thomson Reuters I/B/E/S.

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