New Delhi: Automaker Mahindra and Mahindra Ltd posted a 4 percent drop in second-quarter net profit, missing analyst estimates, after a poor and delayed monsoon hit demand for its tractors.
Net profit for the quarter ended September 30 was Rs 9.47 billion ($154 million) compared with Rs 9.9 billion a year earlier, the country`s largest utility vehicle maker said on Friday. Net sales rose about 7 percent to Rs 94.18 billion.
Analysts on average were expecting a net profit of Rs 9.55 billion, according to Thomson Reuters I/B/E/S.
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