M&M net profit drops 4% in Q2 on delayed monsoon

Automaker Mahindra and Mahindra 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 947 crore ($154 million) compared with Rs 990 crore a year earlier, the country’s largest utility vehicle maker said on Friday. Net sales rose about 7 percent to Rs 9418 crore. Analysts on average were expecting a net profit of Rs 955 crore.

Reuters