Mahindra & Mahindra Q2 beats expectations; stock up

Mahindra & Mahindra Ltd reported 22% rise in its net profit to Rs 978 crore for the quarter ended September 30, 2012 against Rs 737 crore for the corresponding period of previous quarter.

The growth in the profit despite the relentless increase in material costs due to good volume performance by automotive sector and tight control on expenses, the company said in the filing.

Total income from operations rose 33% to Rs 9,813 crore, while other income increased by 30% at Rs 323 crore in the September quarter over the previous year.

The shares of the company closed higher by 3.59% to Rs 857 on BSE. It touched an intra-day high of Rs 863.

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