Mahindra's net profit falls 88% to ₹162 crore for the second quarter
Mahindra & Mahindra (M&M) on Tuesday reported an 88 per cent drop in its profit after tax to ₹162 crore for the second quarter ended September 30, hit by lower sales during the period.
The auto major had reported a PAT of ₹1,355 crore during the July-September period last fiscal.
Revenues of the company, however, increased by 6 per cent to ₹11,590 crore in the second quarter as against ₹10,935 crore in the same period last fiscal, M&M said in a regulatory filing.
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The Mumbai-based firm said it sold 87,332 units in the second quarter, down 21 per cent from 1,10,824 units in the year-ago period.
Tractor sales, however, increased by 31 per cent to 89,597 units in the July-September period as compared to 68,359 units a year ago, it added.
M&M shares were trading 0.37 per cent up at ₹618.60 apiece on the BSE. PTI MSS BAL