Mahindra's net profit up 22% at Rs 1,549 crore

Mahindra, one of India's largest SUV makers by revenue, reported a standalone profit after tax of Rs 1,549 crore for the January-March quarter

Mahindra and Mahindra Ltd reported a 22.1 per cent rise in fourth-quarter profit on Friday, driven by strong sales of its sport-utility vehicles (SUVs).

The maker of the Scorpio, Thar and XUV range of SUVs benefited from robust demand for larger and pricier vehicles that made up more than half of India's record passenger vehicle sales in the 2023 fiscal year.

Mahindra, one of India's largest SUV makers by revenue, reported a standalone profit after tax of Rs 1,549 crore ($187.45 million) for the January-March quarter, compared with Rs 1,269 crore a year earlier.

The company said it recorded a one-time charge of Rs 512 crore due to impairment provisions on long-term investments.

Larger rival Tata Motors Ltd earlier this month reported a second straight quarterly profit, while Maruti Suzuki India, the country's largest carmaker by sales, comfortably topped analysts' estimates late last month.

Mahindra's revenue rose about 31 per cent to Rs 22,571 crore from Rs 17,238 crore an year earlier.The company also declared a final dividend of Rs 16.25 per share.

($1 = Rs 82.63)