Mahindra8217;s Q1 net up 40 pct

Mahindra amp; Mahindra,India8217;s largest utility vehicles maker,on Wednesday beat forecasts with a 40 per cent rise in fiscal first quarter profit driven by increasing demand in a fast-growing auto market.

The company,which is also the leading tractor maker,reported a June quarter net profit of Rs 5.62 billion 121 million compared to 4.01 billion year-ago and Rs 5.02 billion estimated in a Reuters poll of analysts.

Mahindra,which sells light and heavy trucks,the low-cost Logan sedan and scooters,plans to launch its popular Scorpio sport utility vehicle in the United States later this year.

Shares in Mahindra,valued at 7.6 billion,have risen 16 per cent so far this year,compared to a 13 per cent rise in the sector