By Reuters | Updated: 11 November 2022
Mahindra reported a better-than-expected second-quarter profit on Friday, driven by strong demand for its passenger vehicles and farm equipment. The Indian automaker posted a sharp 46 percent jump in profit as total vehicles sold soared 75 percent from a year ago to 174,098 units, while it had open bookings for more than 260,000 sports utility vehicles. Mahindra reported a profit after tax of 20.9 billion Indian rupees for the three months ended September 30, up from 14.33 billion a year earlier.
Analysts were expecting a profit of Rs, 1,988 crore, according to Refinitiv IBES data.
The company’s farm equipment sector saw the highest second-quarter volume while the auto segment achieved the highest-ever quarterly volume, Mahindra said in a statement, adding that exports for both vehicles and tractors remained strong.
Mahindra reported a better-than-expected second-quarter profit on Friday, driven by strong demand for its passenger vehicles and farm equipment. The Indian automaker posted a sharp 46 percent jump in profit as total vehicles sold soared 75 percent from a year ago to 174,098 units, while it had open bookings for more than 260,000 sports utility vehicles. Mahindra reported a profit after tax of 20.9 billion Indian rupees for the three months ended September 30, up from 14.33 billion a year earlier.
Analysts were expecting a profit of Rs, 1,988 crore, according to Refinitiv IBES data.
The company’s farm equipment sector saw the highest second-quarter volume while the auto segment achieved the highest-ever quarterly volume, Mahindra said in a statement, adding that exports for both vehicles and tractors remained strong.
Earlier, rival Maruti Suzuki India reported a four-fold jump in quarterly profit, while Tata Motors saw its loss narrowing from a year ago on strong demand.
Meanwhile, German-based Mutares has offered to acquire a controlling stake of 80 percent in Mahindra-owned Peugeot Motocycles, the companies said on Thursday.
Earlier this week, Mahindra announced that it has tied up with three electric vehicle infrastructure partners – Jio-bp, Statiq, and Charge+Zone – to offer charging solutions for its upcoming range of passenger electric vehicles. With these partnerships, Mahindra EV users will get seamless access to a robust fast charging infrastructure and e-mobility solutions spanning across discovery, availability, navigation and transactions, the Mumbai-based automaker said.
© Thomson Reuters 2022
