Mahindra Group has announced its financial results for Q3 FY2024, which saw a strong growth across business, except TechM.
The SUV maker reported revenue of Rs 35,299 crore, which was 15 percent higher YoY, compared to Rs 30,621 crore last year. The profit after tax came at Rs 2,658 crore, which lower by a percentage, due to previous year gains on SEL & Susten and trucks impairment last year.
In the automotive business the company reported its highest Q3 volumes at 211,000, up 20 percent, and highest ever UV volumes at 119,000. The Open bookings of SUV at 226,000, reflected continued strong demand.
Despite, an overall slowdown in tractor demand, the company said it was able to increase its market share at 41.8%, up 80 bps; highest Q3 market share since FY2019.
Dr. Anish Shah, MD & CEO, Mahindra & Mahindra said, “Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions. In Services, MMFSL had its lowest ever GS3 and credit costs are trending as per guidance. TechM is working through challenging operating results but I feel good that the right actions are being taken to turnaround its performance. We continued the journey of unlocking value in our growth gems with the listing of India’s largest renewable InvIT and partnerships with marquee investors.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), Mahindra & Mahindra said, “We had a strong quarter for both Auto and Farm businesses. We were #1 in SUVs with Revenue Market Share of 21% in Q3 while further improving our Auto Standalone PBIT margins. We increased tractor market share by 80 bps to 41.8% in Q3 even as the Tractor industry contracted on back of last year’s high base, weather vagaries and lower reservoir levels. Our E-3W business is maintaining its market leadership with Q3 market share of 54% and YTD market share of 59.5%.”
Manoj Bhat, Group CFO, Mahindra & Mahindra said, “We continue to meet our objectives of 18% RoE and value creation from capital allocation actions. It has been a good quarter with multiple business showing growth momentum.”
