NEW DELHI (Reuters) - Automaker Mahindra and Mahindra Ltd 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 Sept. 30 was 9.47 billion rupees ($154 million) compared with 9.9 billion rupees a year earlier, the country's largest utility vehicle maker said on Friday. Net sales rose about 7 percent to 94.18 billion rupees.
Analysts on average were expecting a net profit of 9.55 billion rupees, according to Thomson Reuters I/B/E/S.
($1 = 61.4100 rupees)
(Reporting by Aditi Shah; Editing by Subhranshu Sahu)
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