M&M Q3 Net Rises to Rs 942 Crore, Shares Jump

Mahindra & Mahindra (M&M) reported higher-than-estimated earnings for the third quarter of FY15, aided by an exceptional gain of Rs 299 crore.

M&M's standalone net profit rose to Rs 942 crore in the quarter ending December 31, 2014 on sales of Rs 9,466 crore.

The utility vehicle maker booked an exceptional gain of Rs 299 crore during the quarter, on account of gain in the fair value of one of its subsidiary.

Even if the exceptional gains are taken into account, M&M's earnings were higher than the Street's estimates on an adjusted post-tax basis.

Analysts polled by NDTV had estimated it net profit at Rs 654 crore on sales of Rs 9,355 crore.

The company reported an EBITDA margin or gross profit margin of 11.7 per cent in the quarter which is lower than estimates of 12.2 per cent.

Shares in M&M ended 5 per cent higher at Rs 1,191.05 apiece, outperforming the broader Nifty, which closed 1.08 per cent higher.