New Delhi, July 30 -- Mahindra and Mahindra Ltd registered a fourth consecutive quarter of more than a 20% jump in net profit, as the maker of Thar and Scorpio continued to see a surge in sales of sports utility vehicles (SUVs) despite a broader slowdown in demand for cars in India.

The Mumbai-based automaker saw its profit surge by 24% to Rs.4,376 crore, the company said in an exchange filing on Wednesday, as its pricier SUVs such as XUV700 logged better sales growth compared to the industry average and its closest rivals.

Profit margins for the automobile business remained stable at around 10%, excluding the electric contract manufacturing business the firm does for its EV subsidiary.

Thanks to a 22% jump in total passenger vehicle s...