Mumbai, Aug 4 (IANS) Automobile major Mahindra & Mahindra (M&M) on Friday reported a decline of 19.79 per cent in its standalone net profit for the first quarter (Q1) of 2017-18.
According to the company, its standalone net profit during the quarter under review declined to Rs 765.96 crore from Rs 954.95 crore reported in the corresponding period of 2016-17.
The company’s standalone total income during the quarter under review inched up by 3.12 per cent to Rs 12,540.20 crore from Rs 12,159.62 crore earned during the like period of last fiscal.
“The automotive industry in Q1 F2018 was impacted due to the impending transition to GST from 1st July 2017 with the passenger vehicles sales being adversely impacted in anticipation of a price reduction,” the company said in a statement.
“The sales of heavy commercial vehicle goods segment showed a dip as a result of pre-buying of BS3 vehicles in Q4 F2017, saturation of replacement demand and production constraints of BS4 models leading to Q1 F2018 sales being the lowest in past 13 quarters.”