Mahindra profit rises 29% on tractor demand

Mahindra & Mahindra , India's biggest utility vehicle manufacturer, posted a 29% rise in first-quarter profit, beating expectations, as strong demand for its tractors compensated for falling sales of its sport utility vehicles.

Profit for the quarter ended in June was Rs 938 crore compared with Rs 726 crore a year ago, said the company, which owns South Korean car maker Ssangyong Motor Co Ltd .

Net sales rose 7% to Rs 9910 crore compared to Rs 9250 crore over the same period a year earlier.

Analysts, on average, had expected profit of Rs 877 crore  on revenue of  Rs 10,278 crore, according to Thomson