(Reuters) - Automaker Mahindra & Mahindra Ltd on Friday posted an 11.4 percent drop in third-quarter profit, as the demand for passenger vehicle sales softened and its MHCV segment came under pressure due to new axle loading norms.
Net profit for the three months ended Dec. 31 stood at 10.77 billion rupees ($151.45 million), down from 12.16 billion rupees in the year-ago period, the Mumbai-headquartered company said.
Analysts on average expected the company to log in a profit of 10.04 billion rupees, according to Refinitiv data.
Revenue from operations jumped 12.9 percent to 130.70 billion rupees.
($1 = 71.1110 rupees)
Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips