Mahindra and Mahindra reports increase in quarterly profit

Mahindra and Mahindra Ltd reported a 57% increase in third-quarter profit on Thursday, aided by higher revenues that offset a boost in costs due to supply chain disruptions and ongoing chip shortages.

The Indian automaker, chaired by Indian billionaire Anand Mahindra, said it also observed a sharp increase in exports of automobiles and tractors in the October-December quarter.

Mahindra’s revenue from the automotive sector increased 15% during the reported quarter and it said the auto business was continuing to observe a strong booking pipeline with over 155,000 pending orders for its vehicles.

Consolidated net profit from continuing operations increased to 19.87 billion rupees ($265.11 million) for the quarter ended December 31, from 12.68 billion rupees a year earlier.