Indian automaker Mahindra's Q3 profit misses estimates on higher costs

Mahindra, which is known for XUV, Thar and Scorpio cars, said profit rose to Rs.1528 crore in 3 months ended December 31

Representative image. Credit: Reuters Photo

Indian automaker Mahindra and Mahindra Ltd reported a smaller-than-expected rise in third-quarter profit on Friday, as higher expenses offset strong demand for its passenger cars.

Mahindra, which is known for XUV, Thar and Scorpio cars, said profit rose to Rs.1528 crore ($185.2 million) in the three months ended December 31, from Rs. 1335 crore a year earlier.

Analysts were expecting a profit of Rs.1761 crore, according to Refinitiv IBES data.

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