India's Mahindra & Mahindra posts quarterly profit miss on one-time charge
The 'Scorpio' SUV manufacturer's profit rose 22% to 24.37 billion rupees ($290 million) in the January-March quarter but fell short of analysts' expectation of 25.23 billion rupees, per data compiled by LSEG.
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Mahindra is India's top SUV maker by revenue and leads sales of tractors in the country. During the quarter, SUV sales were up 18%, while those of tractors increased 23%.
While higher farm incomes have boosted tractor sales in recent months, a large order book for Mahindra's newer SUVs, the 'XUV 3X0', and the five-door version of its popular 'Thar' has helped the company clock industry-leading growth.
During the quarter, Mahindra recorded a one-time charge of 6.45 billion rupees related to the international operations of its tractor business. The company did not share any further details.
Revenue from Mahindra's automotive business – its biggest segment that accounts for nearly three-fourths of overall revenue – rose 25% to 24.98 billion rupees. The business includes the sale of SUVs as well as small and large trucks and buses.
The smaller, but more profitable farm business, which includes tractors that are cheaper to manufacture, clocked revenue growth of 23% and pre-tax profit growth of 51%.
Overall revenue rose 25% to 313.53 billion rupees, topping analysts' expectations of 301.38 billion rupees.
($1 = 84.1570 Indian rupees)
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