Mahindra and Mahindra, the homegrown automaker, on Friday posted a 4.33 per cent drop in net profit for the quarter ended September 30, 2014, missing analyst estimates, after a poor and delayed monsoon hit demand for the company's tractors.
Mahindra, the country's largest utility vehicle maker, reported a net profit of Rs 947 crore ($154 million) for Q2 in the current fiscal compared with Rs 990 crore in the year-ago period, the automaker said on Friday.
Net sales of the company rose about 7 per cent to Rs 9,418 crore.
During the reporting quarter, revenue from the automotive segment stood at Rs 6,135.69 crore, an increase of 6.14 per cent as compared to Rs 5,780.52 crore in same quarter a year ago.
Meanwhile, revenue from farm equipment in Q2 of FY15 was at Rs 3,406.73 crore, up 8.23 per cent as against Rs 3,147.64 in the corresponding period in the previous fiscal.
Mahindra and Mahindra's scrip was trading 2.29 per cent up at Rs 1,317.15 a piece during afternoon session on the Bombay Stock Exchange.