Sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax
August 4, 2017:
Mahindra & Mahindra Ltd has posted an about 20 per cent fall in quarterly profit, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax.
Profit after tax was Rs 766 crore ($120.31 million) in the first quarter ended June 30, compared with Rs 955 crore 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 Rs 860 crore.
Analysts on average had expected a profit of Rs 893 crore, according to Thomson Reuters data.
The company shares were trading down by 1.11 per cent at Rs 1,401.15.
(This article was published on August 4, 2017)
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