Mumbai, Jan 25 (IANS) Automobile major Mahindra and Mahindra (M&M) reported a whopping rise in net profits to Rs.413.7 crore in the third quarter this fiscal, against Rs.43.6 crore in the same quarter a year ago, owing to moderate commodity prices and an improved sales performance.

Gross revenues of the company also saw a huge increase of 51.2 percent to Rs.4,920.3 crore in the third quarter of current fiscal, against Rs.3,255.1 crore in the year-ago period, M&M said in a regulatory filing Monday.

'While the lower base for third quarter last year has had an impact on growth percentages, the financial results are nevertheless outstanding largely due to a strong sales performance by both automotive and farm equipment sectors,' said a company statement.

M&M, however, said that rising commodity prices could put margins under pressure in the coming months.

'The company expects to counter it by a strong volume performance and a persistent focus on cost control,' added the statement.

During the quarter under review, M&M sold 50,602 vehicles in the utility segment, a rise of 73.4 percent from the previous quarter.