August 4, 2017 / 8:26 AM / 2 months ago

India's Mahindra & Mahindra Q1 profit falls about 20 pct

Aug 4 (Reuters) - India’s Mahindra & Mahindra Ltd posted an about 20 percent fall in quarterly profit on Friday, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax.

Profit after tax was 7.66 billion rupees ($120.31 million) in the first quarter ended June 30, compared with 9.55 billion rupees a year earlier, the company said. bit.ly/2v3fcmR

Excluding the impact of the Goods and Services Tax that kicked in from July 1, the company earned a profit of 8.60 billion rupees.

Analysts on average had expected a profit of 8.93 billion rupees, according to Thomson Reuters data. ($1 = 63.6700 Indian rupees) (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Biju Dwarakanath)

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