Mahindra & Mahindra April-June Profit Jumps 63%, Beats Analysts' Estimates

Thomson Reuters

07 Aug 2018, 02:21 PM IST

Mahindra & Mahindra's revenue from operations grew over 9% to Rs 13,520 crore in Q1

Mahindra & Mahindra reported a better-than-expected 63 per cent surge in first-quarter profit on Tuesday, underpinned by robust sales.

Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers, stood at Rs 1,221 crore ($177.50 million) for the quarter ended June 30, compared with Rs 749 crore a year earlier.

Analysts on average expected a quarterly profit of Rs 1,174 crore, according to Thomson Reuters.

Revenue from operations grew over nine per cent to Rs 13,520 crore.

Mahindra & Mahindra shares rose as much as 1.2 per cent in intraday trade on Tuesday.

At 2:15 pm, Mahindra & Mahindra stock were trading 0.2 per cent higher at Rs 934.10 apiece on the NSE, whose benchmark index Nifty was up 16 points, or 0.15 per cent, at 11,404.

($1 = Rs 68.79)