(MENAFN) India's Mahindra & Mahindra Ltd, the world's largest tractor maker, cut its expectations for demand in its home market due to delayed monsoon rains, Arab News reported.
The automaker said it now expects the tractor sector in India to grow by 5 percent in the current financial year which started April 2014, down from its previous forecast of 8 percent.
Mahindra's tractor sales grew by 1 percent in the April-June period, while net profit fell 6 percent to USD143.67 million from USD153.38 million a year earlier, the company said.
"This is a result of delayed monsoon, and though it has improved right now there is already a loss of sowing so we would see less agricultural output this year," president of Mahindra's automotive said.
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