M&M Q1 profit falls 3.35pc on lower sales

The Pak Banker - - COMPANIES/BOSS -

Mahin­dra and Mahin­dra Ltd (M&M) re­ported a 3.35% drop in net profit in the first quar­ter of the cur­rent fis­cal on the back of fall in sales, but beat an­a­lyst ex­pec­ta­tions.

Stand­alone net profit fell 3.35% to Rs.852.20 crore as com­pared to Rs.881.78 crore a year ago. Net sales fell 3% to Rs.9,708.05 crore as com­pared to Rs.10,006.85 crore. A Bloomberg poll of 27 an­a­lysts es­ti­mated net profit at Rs.741.1 crore and net sales of Rs.9,831.8 crore. M&M's con­sol­i­dated net profit con­tracted 7.3% on lower trac­tor and pas­sen­ger ve­hi­cles sales, the com­pany said in a fil­ing to the stock ex­changes on Fri­day. The maker of Scorpio and XUV 500 mod­els re­ported con­sol­i­dated net profit of Rs.831 crore against Rs.896 crore a year ago.

In a mar­ket, which is be­ing driven by new mod­els, ab­sence of the same weighed on the com­pany's vol­umes. Dur­ing the quar­ter, pas­sen­ger ve­hi­cles sales for the com­pany dropped to 53,479 units against 57,656 units a year ago.

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