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Mahindra Q4 net up 89%, beats forecasts

Mahindra Q4 net up 89%, beats forecasts
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First Published: Thu, May 28 2009. 03 02 PM IST
Updated: Thu, May 28 2009. 03 02 PM IST
Mumbai: Mahindra & Mahindra Ltd, India’s top utility vehicles and tractor maker, on Thursday beat expectations with near-doubling in quarterly net profit.
Mahindra, which aims to enter the US market with a pick-up truck and sport utility vehicle early next year, said net profit rose to Rs4.18 billion ($87.6 million) in the fiscal fourth quarter (Q4) ended March from Rs2.21 billion a year ago.
Net sales rose to Rs36.19 billion from Rs31.42 billion, and were also above a forecast of Rs34.01 billion.
Shares in Mahindra, valued at $3.6 billion, had risen 39.4% in the March quarter while the main index rose 0.6%.
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First Published: Thu, May 28 2009. 03 02 PM IST