Mahindra & Mahindra has posted a worse than expected 10% year on year fall in third-quarter net profit. It had booked an exceptional gain in 2011.
The SUV specialist posted a net profit of INR6.62bn (US$135.1m) in the October-December period, compared with INR7.35bn a year earlier, Dow Jones reported. Sales rose 37% to INR83.27bn from INR60.74bn.
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Eight analysts polled had, on average, expected M&M to post a net profit of INR6.95bn on sales of INR79.44bn.
Mahindra had recorded a one-time exceptional gain of INR1.17bn in the year-earlier quarter, Dow Jones noted.
The company posted an operating margin of 12.2% for the past quarter, but reportedly said it expects margins to remain under pressure in the short term due to inflationary pressures and other concerns.
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