M&M Q3 standalone PAT down 11.44 per cent to Rs 1,076.81 cr

New Delhi: Homegrown auto major Mahindra & Mahindra on Friday reported 11.44 per cent decline in standalone profit after tax (PAT) at Rs 1,076.81 crore for the third quarter ended December 31, 2018.

The company had posted a PAT of Rs 1,215.89 crore in the same quarter last fiscal, M&M said in a regulatory filing.

Total income during the period under review stood at Rs 13,411.29 crore. It was at Rs 11,676.05 crore in the year-ago quarter.

Vehicle sales during the third quarter stood at 1,33,508 units as against 1,21,786 units in the same period last fiscal, a growth of 10 per cent, the company said.

Passenger vehicle sales for the festive season did not match the industry expectation primarily due to softening of urban demand, the company said.

The urban sentiment was subdued largely on account of an uncertain economic scenario arising from the dollar rate movement, fuel prices and stock market performance, it added.

Tractor sales were also up 13 per cent to 87,036 units in the third quarter as against 76,943 units in the year-ago period, it added.

The company further said it exported 12,363 vehicles during the latest quarter, as compared to 11,426 units in the year-ago period, up 8 per cent.