Auto major Mahindra & Mahindra’s profit after tax fell 19.8% to ₹848.81 crore in the fourth quarter ended March 2019 from a year ago, according to the company’s filings with the stock exchange on Wednesday. The company’s standalone revenue for the quarter rose 5.8% to ₹14,271.92 crores.

The country's second largest commercial vehicle maker was hurt this year by overall decline in sales and lower margins. Its tractor sales fell 14.9% in the quarter while overall tractor sales fell 8.4%. The company attributed this to weak agricultural income and a liquidity crunch among non-bank lenders.

“The muted demand in rural India on account of poor distribution of south-western monsoon, a deficit north-eastern monsoon and weak agricultural incomes due to poor price realisation, stress in the NBFC sector leading to tight credit conditions along with low demand in urban India and the overall sluggishness in the economy led to a fall in both the tractor and automotive industry during the fourth quarter,” the company said in a statement.

Sales of utility vehicles rose 6.8% on the back of the launch of XUV300, which was the second highest selling SUV (sub-4 metre) in the country last month. M&M holds a 28% market share in the utility vehicle segment.

Revenue from operations for the financial year ended March 2019 rose 8.4% to ₹53,614 crore from the year-ago period.

Mahindra & Mahindra’s shares closed 0.25% higher on the BSE at ₹672.25, while the benchmark Sensex ended the day at 39,502.05, 0.62% lower than the previous close.

Follow us on Facebook, Twitter & YouTube to never miss an update from Fortune India. To buy a copy, visit Amazon.