Mahindra Q1 Profit Falls About 20%
Excluding the impact of the Goods and Services Tax that kicked in from July 1, the company earned a profit of 8.60 billion rupees.
Image used for representational purpose. (Image: Reuters)
Mahindra & Mahindra Ltd posted an about 20 percent fall in quarterly profit on Friday, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax. Profit after tax was 7.66 billion rupees ($120.31 million) in the first quarter ended June 30, compared with 9.55 billion rupees a year earlier, the company said. Excluding the impact of the Goods and Services Tax that kicked in from July 1, the company earned a profit of 8.60 billion rupees. Analysts on average had expected a profit of 8.93 billion rupees, according to Thomson Reuters data.