Mahindra & Mahindra has reported year-on-year growth of 34.6 percent in consolidated net profit at Rs 2,676.56 crore for the quarter that ended 31 December 2022. In comparison to the same quarter last year, the company reported profit of Rs 1,987.44 crore. Talking about revenue from operations, it surged 29.7 percent YoY to Rs 30,620 crore in the December quarter whereas in the corresponding quarter of last year it stood at Rs 23,594 crore.
The company’s earnings before interest, tax, depreciation, and amortisation surged 41 percent Y-o-Y to Rs 2,814 crore for the quarter under review which was at Rs 1,803 crore in the year-ago period. PAT before (EI net of tax) for Q3 2023 is recorded at Rs. 2,029 crore whereas at the same quarter last year it was at Rs. 1,335 crore up 52 percent.
Anish Shah, MD & CEO, M&M said that the company had another robust quarter led by the robust performance of their auto division. “Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns.”
Mahindra’s operating margins improve
Mahindra & Mahindra’s operating margins improved 130 bps at 13 percent in Q3 2023 as the brand sold 1.76 lakh vehicles in the said quarter, 45 percent higher than the previous year. Tractor sales, jumped 14 percent YoY for the said period and auto and farm segments achieved a 41 percent share, its highest-ever third-quarter volumes.
SUV market share improves for M&M
Manoj Bhat, Group Chief Financial Officer, M&M said that the company continues to maintain the top position in the SUV revenue market share at 20.6 percent in the third quarter.
Rajesh Jejurikar, Executive Director, Mahindra & Mahindra said “Our efforts towards creating segment-leading products and improving operational efficiencies have led to the achievement of the highest ever quarterly revenue and PBIT in Q3 F23 for Auto and Farm sectors.”
“In SUVs, we continue to be leaders in revenue market share for the 4th consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41 percent market share, the highest Q3 market share in the last 5 years,” he said.
