MUMBAI: Mahindra & Mahindra on Tuesday reported a 785 per cent year-on-year (YoY) growth in net profit to Rs 1,431.7 crore for the quarter ended September, which was above analysts’ expectations of Rs 1,014 crore.
The year-on-year jump in net profit for the automaker is largely because of a more than Rs 1,400 crore asset impairment charge taken by the company in the year-ago quarter. In the current quarter, M&M took a Rs 255 crore asset impairment charge, the company said.
The tractor manufacturer reported a 14.7 per cent on-year growth in revenue from operations to Rs 13,305.4 crore for the reported quarter, which was also above Street’s estimate of Rs 12,428.9 crore.
More to come…
