Mahindra Q2 net profit falls 88 pc to Rs 162 cr

Mahindra & Mahindra (M&M) on Tuesday reported a 88 per cent drop in its profit after tax to Rs 162 crore for the second quarter ended September 30, hit by lower sales during the period. The auto major had reported a PAT of Rs 1,355 crore during the July-September period last fiscal.

Revenues of the company, however, increased by 6 per cent to Rs 11,590 crore in the second quarter as against Rs 10,935 crore in the same period last fiscal, M&M said in a regulatory filing. 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 Rs 618.60 apiece on the BSE.