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  4. Mahindra and Mahindra's Q3 profit misses estimates

Mahindra and Mahindra's Q3 profit misses estimates

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Upstox

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1 min read • Updated: February 14, 2024, 2:23 PM

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Summary

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6% to ₹2,454 crore.

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BENGALURU, Feb 14 (Reuters) - Indian automaker Mahindra & Mahindra posted a smaller-than-expected rise in third-quarter profit on Wednesday as weak demand for its profit-boosting tractors offset strong sport utility vehicle (SUV) sales.

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6% to ₹2,454 crore ($295 million) in the three months to 31 December, missing analysts' estimate of ₹2,512 crore. Meanwhile, its revenue from operations ₹25,289 crore

Following the result announcement, shares of the company traded flat at ₹1,649 per share, with a day high of ₹1,679 per share.