Indian automaker Mahindra and Mahindra reported a greater-than-predicted 2nd-quarter gain on Friday, driven by solid desire for its passenger automobiles and farm products.

The organization posted a sharp 46% leap in profit as full vehicles offered soared 75% from a yr ago to 174,098 units, whilst it experienced open up bookings for a lot more than 260,000 sports utility automobiles.

Mahindra claimed a earnings right after tax of 20.9 billion Indian rupees ($259.34 million) for the a few months finished Sept 30, up from 14.33 billion a 12 months previously.

Analysts had been anticipating a income of 19.88 billion rupees, according to Refinitiv IBES data.

The company’s farm equipment sector noticed the maximum 2nd-quarter volume even though the automobile phase reached the maximum-ever quarterly volume, Mahindra stated in a statement, introducing that exports for both motor vehicles and tractors remained solid.

Even though demand from customers for passenger cars and trucks has been potent, Indian automakers, together with Mahindra, are looking at an easing of semiconductor shortages and larger raw product costs, which have hampered the market considering that the pandemic.

Passenger vehicle product sales for September in India nearly doubled to 307,389 models from a 12 months in the past.

Profits from operations jumped 56.5% all through the quarter to 208.39 billion rupees.

Before, rival Maruti Suzuki India described a 4-fold leap in quarterly earnings, whilst Tata Motors saw its loss narrowing from a calendar year ago on potent need.

In the meantime, German-based Mutares has made available to obtain a controlling stake of 80% in Mahindra-owned Peugeot Motocycles, the organizations said on Thursday.