India's biggest utility vehicles maker, Mahindra & Mahindra has reported an impressive 44 per cent growth in its quarter profits during the fourth quarter of the financial year till March 2012.

The better than expected profit during the quarter was mainly due to an exceptional gain and strong volume growth, which more than offset the rise in input prices. Net profit for fourth quaryer was 8.74 billion rupees compared to the same period in the previous year. Net sales for the company increased 39 percent to 92.4 billion rupees.

The company said that an exceptional gain and strong volume growth as well as continuing uncertainties in the global economic climate means that the outlook for the company in the near-tem is challenging.

"The growth in the profits of the company, despite the relentless increase in material costs, is due to good volume performance by both vehicles and tractors and tight control on expenses," the company said in a statement.

Mahindra is the flagship company of the $14.4 billion Mahindra Group and it also the parent company of South Korean carmaker Ssangyong Motor. The company will focus on cost cutting measures to maintain growth at a time of slowdown in the country’s economy.