"Mahindra posted a standalone net income of 23.1 billion rupees ($327 million) in the quarter ended in June. Total income of the maker of Scorpio and Bolero SUVs fell 3.9% to 132.42 billion rupees, while expenses shrank 1.7%.
The latest quarter included an exceptional gain of 13.67 billion rupees from the sale of shares by M&M benefit trust and transfer of certain long-term investments, the company said.
Operating earnings at the automotive unit slumped 31%. Mahindra's farm equipment business saw its operating earnings plunge more than 19%. Sales volumes in the automotive unit shrank 5%, while tractor sales declined 15%.
Demand for passenger vehicles continues to be affected by the slowing economy, which along with tight credit conditions and delayed monsoon, impacted consumer sentiment in both urban and rural India, the company said in a statement."
Mahindra profit jumps on one-time gain from share sale