Mahindra & Mahindra FQ1 Net Profit Up 20%

India's Mahindra & Mahindra Ltd

reported a 20% rise in its fiscal first-quarter net profit. Its quarterly net profit surged to 7.26 billion rupees ($131.89 million), from 6.05 billion rupees, in the year-ago period. Its sales jumped 40% to 92.48 billion rupees. However, analysts were expecting a net profit of 5.98 billion rupees on sales of 90.87 billion rupees. Mahindra & Mahindra shares closed at $12.55 yesterday.