BENGALURU (Reuters) – India’s Mahindra and Mahindra Financial Services rose as much as 10% on Thursday, a day after the vehicle financing arm of the Mahindra conglomerate beat estimates for its second-quarter profit.
Profit fell to 4.48 billion Indian rupees ($54.08 million) in the three months ended Sept. 30, from 10.23 billion rupees a year ago when the lender recorded a reversal of impairment provisions.
Analysts on average had expected the the company to post a profit of 3.9 billion rupees, according to Refinitiv IBES data.
($1 = 82.8400 Indian rupees)
(Reporting by Nishit Navin; Editing by Janane Venkatraman)
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