Mahindra Q3 profit rises 12 per cent, matches estimates

Mahindra & Mahindra Ltd, India's biggest utility vehicle maker by sales, posted a 12

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percent rise in quarterly profit, matching estimates as strong tractor sales offset slowing demand for its passenger and commercial vehicles.

Standalone profit was 9.34 billion rupees in the fiscal third quarter ended December, against 8.36 billion rupees a year earlier. Net sales fell 2 percent to 104.05 billion rupees at Mahindra, also the world's largest tractor company by sales volume.

Analysts, on average, had expected a profit of 9.39 billion rupees, according to Thomson Reuters I/B/E/S.

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