M&M Q1 profit down 20% as car sales slowed ahead of GST

Excluding the impact of GST that kicked in from July 1, the company earned a profit of Rs 8.60 bn

Homegrown auto major Mahindra & Mahindra (M&M) today reported 19.79 per cent decline in its standalone profit after tax (PAT) to Rs 765.96 crore for the first quarter of the current financial year as sales were hit by GST transition.

Mahindra & Mahindra Ltd posted an about 20 per cent fall in quarterly profit on Friday, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax.

The company had posted a profit after tax (PAT) of Rs 954.95 crore during April-June period of last financial year.

Excluding the impact of the Goods