Mumbai, Feb 14 (IANS): Auto major Mahindra & Mahindra (M&M) reported a 60 per cent increase in standalone net profit to Rs 2,454 crore for the October-December quarter of the current financial year.
The company had posted a net profit of Rs 1,528.06 crore in the same quarter of the previous year.
The company’s revenue for the third quarter grew 16 per cent to Rs 25,642.4 crore led by a 20 per cent surge in auto sales spearheaded by popular SUVs such as Thar. The turnover in the same quarter of the previous year was Rs 21,653.74 crore.
The automaker’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 9.7 per cent to Rs 3,590.3 crore while its operating margin rose 0.8 per cent to 14 per cent during the quarter.
However, the company’s tractor sales declined by 4 per cent from the previous year to 1,00,522 units in the quarter as an erratic monsoon hit farm incomes.