Carmaker 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 15.28 billion rupees ($185.2 million) in the three months ended Dec. 31, from 13.35 billion a year earlier.
Analysts were expecting a profit of 17.61 billion rupees, according to Refinitiv IBES data.
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