Mahindra & Mahindra quarterly profit falls 11.4 percent on lean demand
Mahindra and Mahindra Ltd posted an 11.4 per cent drop in third-quarter profit
By : DC Correspondent
Update: 2019-02-14 05:48 GMT
Automaker Mahindra and Mahindra Ltd on Friday posted an 11.4 per cent drop in third-quarter profit, as the demand for passenger vehicle sales softened and its MHCV segment came under pressure due to new axle loading norms.
Net profit for the three months ended December 31 stood at 10.77 billion rupees (USD151.45 million), down from 12.16 billion rupees in the year-ago period, the Mumbai-headquartered company said.
Analysts on average expected the company to log in a profit of 10.04 billion rupees, according to Refinitiv data.
Revenue from operations jumped 12.9 per cent to 130.70 billion rupees.