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Markets News

Mahindra and Mahindra's Q2 profit slips 26.5% as Indian auto slowdown lingers

BENGALURU, Nov 8 (Reuters) - Automaker Mahindra and Mahindra Ltd reported a 26.5% slide in quarterly profit on Friday, as it sold fewer vehicles amid the ongoing slowdown in India’s auto sector.

Net profit after tax came in at 12.13 billion Indian rupees ($170.36 million) for the quarter ended Sept. 30, compared with 16.49 billion rupees during the same period last year, the Mumbai-based company said.

Mahindra and Mahindra sold 11,824 vehicles during the quarter, down 21% from a year earlier.

Revenue from operations fell 14.7% to 11.08 billion rupees.

$1 = 71.2030 Indian rupees Reporting by Philip George and Chandini Monnappa in Bengaluru; editing by Uttaresh.V

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