By P.R. Venkat
Mahindra & Mahindra Ltd.'s second-quarter net profit slumped 61% from a year earlier as the Covid-19 pandemic continued to weigh on its automotive segment.
Net profit for the July-September quarter was 1.36 billion rupees ($18.38 million), the company said Tuesday.
The Indian maker of cars and farm equipment said revenue fell marginally by 1.5% to INR235.67 billion.
Results for the second quarter were better than the first quarter, for which the company posted a net loss.
"With government spending and rural demand anchoring economic activity, manufacturing and some categories of services have gradually recovered in [the second quarter]," the company said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
11-10-20 0337ET