Mumbai-headquartered Mahindra & Mahindra has announced its financial results for Q2 FY2024. The company’s automotive business reported standalone revenue of Rs 25,773 crore, which was 17 percent higher YoY, EBITDA of Rs 4,397 crore, up 24 percent YoY and net profit of Rs 3,452 crore, a robust uptick of 67 percent YoY.
Mahindra states that it witnessed a robust operating performance across all businesses, except Tech Mahindra. Auto grows rapidly, farm remains resilient despite tough market conditions and growth gems were on track. TechM performance was impacted by weak demand and exits from non-core accounts.
During the quarter, the company saw its highest-ever quarterly auto sales with 212,000 units, up 18 percent YoY. Tractor market share at 41.6%, was the highest Q2 market share for Mahindra in a decade.
Dr. Anish Shah, MD and CEO, Mahindra said, “During Q2, operating performance across Auto, Farm and Services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market condition. In Services, MMFSL had its lowest ever GS3 and turnaround is on track to unlock its full potential. Growth Gems are progressing well on the 5x challenge. TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18%, we are well on our way to Deliver Scale by transforming our core businesses and realizing the 5x challenge for growth gems.”
Rajesh Jejurikar, Executive Director & CEO – Auto and Farm Sector, Mahindra said, “We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9% while further improving our Auto Standalone PBIT margins. In the tractor business, we increased our market share by 150 bps on the back of exciting new launches of Oja, Swaraj Target and Naya Swaraj. Our E-3W business continued market leadership with 61.1% market share.”
Manoj Bhat, Group CFO, Mahindra said, “We have delivered strong H1 F24 operating performance with EPS at Rs 52.4, up 18%. With focus on operational metrics and value creation through our capital allocation actions, we continue to deliver RoE greater than 18%.”
