NEW DELHI (Wall Street Journal) -- Mahindra & Mahindra Ltd. said its fourth quarter net profit surged 89%, boosted by higher non-operating income and a reduction in other expenses and tax provisions.

Profit in the three months ended March 31 climbed to 4.18 billion rupees ($88 million) from 2.21 billion rupees a year earlier, India’s biggest maker of sport-utility vehicles and tractors by sales said in a statement to the Bombay Stock Exchange.
The profit far exceeded a 1.94 billion rupees average of estimates in a Dow Jones Newswires poll of 15 analysts. Net sales rose 15% to 36.19 billion rupees from 31.42 billion rupees.
Income from sources other than its main business of manufacturing jumped nearly fourfold to 614.3 million rupees from 159 million rupees a year earlier.
Mahindra said that its other income included a 340.1 million rupees profit from the sale of shares of Swaraj Mazda Ltd. by Punjab Tractors Ltd., a wholly-owned unit of Mahindra.
Mahindra, which makes the Scorpio and Bolero SUVs, paid 23.25 billion rupees to buy steel and other raw materials in the fourth quarter, 19% more than a year earlier.
Other expenses fell 35% to 2.69 billion rupees, while provisions for taxes declined 51% to 397.5 million.