Mahindra & Mahindra on Friday reported 16.92 per cent year-on-year rise in net profit at Rs 1,305.72 crore for the quarter ended December 31, 2017. The figure included numbers from its manufacturing unit Mahindra Vehicle Manufacturers (MVML).


It had posted a net profit of Rs 1,116.80 crore in the corresponding quarter last year. ET Now poll had predicted a net profit of Rs 999 crore for the quarter under review.


Shares of the company closed 0.50 per cent up at Rs 749.95. The results were announced post market hours.


Net revenue of the company jumped 10.28 per cent year-on-year to Rs 11,491.46 crore during the quarter under review.

The domestic tractor industry witnessed a growth of 7.8 per cent with sales of 1,77,441 units in Q3FY18. The company's domestic sales grew 6.3 per cent compared with Q3FY17 and its market share stood at 43.4 per cent.

"In Q3FY18, normal northeast monsoon and good reservoir levels helped in boosting the rural sentiment and demand for tractors. The healthy reservoir levels, good progress on rabi sowing and increase in MSP's of Rabi crops should help the growth momentum to continue in the coming months," M&M said in a release.

On a standalone basis, M&M posted a net profit of Rs 1215.91 crore in Q3FY18 over Rs 1080.85 crore in Q3FY17.