Mumbai, Oct 29 : Auto major Mahindra and Mahindra Thursday said its net profit for the quarter ended Sep 30 soared 242 percent to Rs. 703 crore from Rs. 206 crore in the like period last year.

The company, which has interests in other sectors besides auto, said in a regulatory statement that its gross revenue and other income for the period under review rose 40 percent to Rs. 5,189 crore from Rs. 3,935 crore a year ago.

During the quarter, the company recorded a volume growth of over 44 percent in the utility vehicle (UV) segment as against the industry growth of 21.4 percent.

It sold 55,280 UVs during July-September as against 38,462 UVs sold during the like period last year.

The outstanding financial results for the quarter were largely due to strong performance in sales by its automotive and farm equipment sectors, the company said.

"The volume and market share growth of the company was driven by the excellent sales of Xylo as well as the refreshed version of the Scorpio and the all time customer favourite, Bolero," the company said in a statement.

Mahindra sold 93,105 tractors during July-September as against 73,227 during like period last year in the domestic market.

Its market share in this sector stood at 41.5 percent during the period as compared to 39.8 a year ago.(IANS)