Mahindra, India's second-largest SUV maker, was in line with rivals Maruti Suzuki and Tata Motors, which also posted higher-than-expected profits on strong SUV sales.
« Good indicators» Mahindra will continue to be supported by higher operating leverage and lower commodity prices, which will in turn strengthen margins, Prabhudas Lillader analyst Himanshu Singh said. First-quarter earnings rose from 7.7% to 10.4% year-over-year.
Mahindra also said its plans to launch a new range of electric SUVs are on track. The company currently has one main electric model — SUV XUV400, which began deliveries in March. CEO Anish Shah said the company is not seeking «additional funding in the EV space.»
«We have a very strong business and we have cash flow to fund it. It is very likely that cash flows from automotive activities will themselves finance everything needed, & raquo;, — Shah said of the electric vehicle division, which also has a stake in British International Investment.
Mahindra has so far invested 16 billion rupees ($193.23 million) in its electric vehicle division out of a planned investment of 100 billion rupees by fiscal 2027, said Manoj Bhat, chief financial officer of the group.
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