Mahindra & Mahindra posted a 23.9 per cent rise in quarterly profit on Wednesday, beating Street estimates, helped by higher revenue from its automotive segment.
Standalone profit after tax, which does not include the share of profit from unit Mahindra Vehicle Manufacturers, stood at Rs 1,649 crore ($228.28 million) for its fiscal second quarter that ended September 30, compared with Rs 1,332 crore a year earlier.
Analysts had on an average expected a quarterly profit of Rs 1,308 crore, according to IBES data from Refinitiv.
Revenue from operations grew 6.6 per cent to Rs 12,989 crore.
At 2:12 pm, shares in M&M traded 1.7 per cent lower at Rs 777 apiece on the NSE, whose benchmark index Nifty was down 0.2 per cent at 10,562.
($1 = Rs 72.2350)