 "M&M beats estimates for Q1 profits, net surges 63% to Rs 12.2 bn")
India's Mahindra & Mahindra Ltd reported a better-than-expected 63 per cent surge in first-quarter profit on Tuesday, underpinned by robust sales.
Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at Rs 12.21 billion ($177.50 million) for the quarter ended June 30, compared with Rs 7.49 billion a year earlier.
Analysts on average expected a quarterly profit of Rs 11.74 billion, according to Thomson Reuters.
Revenue from operations grew over nine per cent to Rs 135.20 billion.
($1 = Rs 68.7900 Indian)