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Quarterly Profits Jump 26% for Mahindra
India SUV maker Mahindra & Mahindra Ltd. reports its net income in the fiscal second quarter ended Sept. 30 climbed 27% to 17.8 billion rupees ($246 million).
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India SUV maker Mahindra & Mahindra Ltd. reports its net income in the fiscal second quarter ended Sept. 30 climbed 27% to 17.8 billion rupees ($246 million).
Results were buoyed by a one-time gain of 1.4 billion rupees ($19 million) on an asset sale.
Mahindra’s revenue in July-September grew 6% to 128 billion rupees ($1.8 billion). Revenue from passenger vehicle sales climbed 9% to 84.5 billion rupees ($1.2 billion), even though unit deliveries slipped 2% to 141,200 vehicles.
India’s passenger car market for the period shrank 4%, led by an 8% decline in demand for SUV/crossovers. Mahindra attributes the drop in unit volume to the timing of this year’s festival season, coupled with the damping effect of large-scale flooding in the north and higher consumer costs for financing and fuel.
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