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Mahindra & Mahindra, the producer of the ‘Scorpio’ SUV, reported a smaller-than-expected improve in third-quarter revenue on Wednesday. Weak demand for its profit-boosting tractors offset robust gross sales of sport utility automobiles (SUVs).
The standalone revenue after tax for Mahindra & Mahindra rose by 60.6 per cent to Rs 2,454 crore ($295 million) within the three months ending December 31. Nonetheless, this determine missed analysts’ estimates of Rs 2,512 crore.
“Our companies have delivered strong working efficiency this quarter. Auto continues to realize market share and has grown quickly to double its revenue. Farm has gained market share regardless of robust market circumstances,” M&M Managing Director & CEO Anish Shah mentioned.
He additional mentioned, “TechM is working by way of difficult working outcomes, however I really feel good that the suitable actions are being taken to turnaround its efficiency.” The corporate continued the journey of unlocking worth in its progress gems with the itemizing of India’s largest renewable InvIT and partnerships with marquee traders, Shah mentioned. Shares of the corporate had been buying and selling 0.13 per cent greater at Rs 1,648.10 apiece on the BSE.
(With Reuters inputs)
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