(From left to right) Pawan Goenka, ED, M&M and Anand Mahindra, CMD, Mahindra Group at the company’s AGM in Mumbai (Pic: Kamlesh Pednekar) Mahindra & Mahindra on Wednesday reported a strong profit growth during the quarter ended June, beating Street estimates, led by robust demand for tractor and utility vehicles.The Mumbai-based company posted a standalone net profit of Rs 955 crore, a growth of 12 per cent, compared with Rs 850 crore posted in the corresponding quarter last year. The net profit was higher than the Bloomberg poll of analysts which was at Rs 893 crore.While higher sales utility vehicles and tractors helped boost profits, other sources of income, such as dividends from subsidiaries and profit on transfer of agriculture business to a wholly owned subsidiary, also helped the company post good bottomline.Helped by higher sales of utility vehicles which grew 13 per cent, thanks to new launches like TUV300 and KUV100, total automotive volumes including exports grew 10 per cent during the quarter to 110,959 units.Tractor volumes grew 19 per cent, pushing M&M’s market share to nearly 44 per cent, the highest in nine years. Pawan Goenka, executive director, M&M said: “We are recalibrating tractor demand from 10 per cent… Read full this story
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