Mahindra and Mahindra Ltd on Friday reported a 26.5 per cent drop in quarterly net profit as the company struggled to sell cars, trucks and tractors amid a slowdown in Asia's third-largest economy. Unit sales at the maker of popular sports utility vehicles like Scorpio and Thar dropped 21% for the quarter, with the industry facing issues of credit crunch, higher insurance costs and a shift towards ride-hailing services. Last month, larger rival Maruti Suzuki India flagged 30.2% slide in unit sales for the September quarter. Net profit after tax for Mahindra came in at Rs ...
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Mahindra and Mahindra Q2 net down 27% on sales drop amid auto slowdown
Last month, larger rival Maruti Suzuki India flagged 30.2% slide in unit sales for the September quarter.
Topics
Mahindra & Mahindra | Q2 earnings | M&M
Reuters |
First Published: Fri, November 08 2019. 15:34 IST
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