Mahindra Q3 profit up 34% at 2,658 crore

MUMBAI: Mahindra on Wednesday reported a smaller-than-expected 34% increase in consolidated net profit at Rs 2,658 crore for the quarter ended Dec 2023 as weak demand for its profit-boosting tractors offset SUV sales.

While Mahindra's tractors and farm equipment sales form only about a third of total revenue, they are far more profitable than its auto business, which comprise close to two-thirds of the topline and includes the sale of SUVs and commercial vehicles. agencies The company said its vehicle sales rose 20% in Q3 but tractor sales dropped 4%.