Mahindra’s profit up 35% in FY25 Q2: SUV sales drive growth

Mahindra has announced the financial results for the quarter and half year ended 30th September 2024. For the carmaker, Q2 revenue was up 10 percent, standing at Rs 37,924 crore, while its Profit After Tax (PAT) stood at Rs 3,171 crore, an increase of 35 percent. For Mahindra, sales in certain segments saw strong growth, contributing to the YoY growth.

Mahindra saw its SUV segment grow 18 percent in Q2 compared to last year, while it retains a 52.3 percent market share in the LCV space, 42.5 percent market share in the tractor space, and has a healthy 43.6 percent market share in the electric three-wheeler business.

Commenting on the performance, Dr Anish Shah, Managing Director & CEO, Mahindra, said, “Our businesses have delivered a solid operating performance this quarter. Auto and Farm continued to strengthen market leadership by gaining market share and expanding margins. MMFSL GS3 remained under 4 percent (at 3.8%) and end losses have improved structurally. TechM delivered a good quarter and the long-term focus remains on reverting to past profitability. Our growth gems are progressing well on the 5x challenge.”

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “In Q2 FY25, we gained market share across both our Auto and Tractor businesses. SUV volumes increased by 18% YoY, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches. Volume market share for LCVs <3.5T stands at 52.3%, a rise of 260 bps YoY. The auto standalone PBIT margin was 9.5%, a gain of 140 bps YoY (excl. PY gain on LMM transfer). In our tractor business, we achieved our highest-ever Q2 market share at 42.5%, with standalone margins up by 150 bps YoY.”
 
Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “While the Auto and Farm segments continue to deliver the strong performance we have come to expect of them, this quarter also reflected the strength of our Services portfolio. This has been the trend through H1 F25 and we expect it to continue for the rest of the year in line with our strategy.”