INDIA: M&M net up 7.8%

By just-auto.com editorial team | 29 October 2010

Mahindra & Mahindra, India's largest utility vehicles maker, on Friday reported a 7.8% rise in quarterly net profit, driven by higher volumes in a fast-growing auto market.

The company, also India's leading tractor maker, reported net profit of INR7.58bn (US$170m) for its fiscal second quarter ended 30 September, compared with INR7.03bn a year ago.

Mahindra, which sells light and heavy trucks, the low-cost Logan sedan and scooters, plans to launch its popular Scorpio sport utility vehicle in the United States later this year, Reuters noted.

The company signed an agreement in August to buy Ssangyong Motor and has just been cleared by a Korean government watchdog to proceed with the deal.