Auto major Mahindra and Mahindra (M&M) on Friday reported a lower-than-expected rise of 22% year-on-year (YoY) in standalone net profit to Rs 1,549 crore in the March quarter while revenue jumped 31% to Rs 22,571.37 crore. At the board meeting to approve the quarterly results of the company, M&M also announced a dividend of Rs 16.25 per share.

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