By Clarence Leong
Mahindra & Mahindra Ltd.’s fourth-quarter net profit rose 48% from a year earlier to 22.37 billion rupees ($288.1 million), thanks to a solid performance from its auto business.
Revenue from operations rose 21% from a year earlier to INR259.34 billion, the Indian auto maker said Saturday.
Quarterly profit from Mahindra’s automotive business more than doubled to INR4.68 billion, compared with INR1.66 billion a year earlier, helped by improving semiconductor supplies.
Profit from the company’s farm-equipment business declined 34% to INR7.43 billion, while earnings from its financial-services business more than tripled to INR8.50 billion.
“The demand for the automotive product portfolio remains strong,” said Mahindra & Mahindra’s executive director Rajesh Jejurikar.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
May 29, 2022 21:15 ET (01:15 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Read More: Mahindra & Mahindra Fourth-Quarter Profit Rose 48%