Mahindra & Mahindra first-quarter profit surges 63 percent, beats estimates

(Reuters) - India’s Mahindra & Mahindra Ltd reported a better-than-expected 63 percent surge in first-quarter profit on Tuesday, underpinned by robust sales.

Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at 12.21 billion rupees bit.ly/2njAKHa ($177.50 million) for the quarter ended June 30, compared with 7.49 billion rupees a year earlier.

Analysts on average expected a quarterly profit of 11.74 billion rupees, according to Thomson Reuters I/B/E/S.

Revenue from operations grew over nine percent to 135.20 billion rupees.

($1 = 68.7900 Indian rupees)