Mahindra & Mahindra has posted its highest-ever consolidated quarterly revenue and profit in Q2 FY2023. The company reported revenue of Rs 20,839 crore, up 57 percent YoY from Rs 13,314 crore in Q2FY22. The auto major posted a profit after tax of Rs 2,773 crore, up 44 percent YoY from Rs 1,992 crore in Q2FY2022 on the back of key partnerships and robust volume push in both auto and farm equipment segments.
During the quarter the company sold 1,74,098 vehicles and 92,590 tractors, which was a growth of 75 percent and 5 percent respectively. Furthermore, the company says it achieved 60 percent market share in Q2 FY2023 in the LCV 2-3.5-tonne segment, an uptick of 10.8 percent YoY. Its electric three-wheeler range also achieved the highest ever quarterly billing of 10,625 units.
On the farm equipment side, it achieved the second highest Q2 volumes with sales of around 88,000 tractors and highest Q2 exports of 4,600 units.
Anish Shah, MD & CEO, Mahindra & Mahindra said, “ Our robust financial results reflect the progress we have made on our strategic imperatives. While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued through the Susten-OTPP transaction and the BII transaction.”
Rajesh Jejurikar, ED, Mahindra & Mahindra said, “It has been an action-packed quarter with multiple product launches and new products across segments, in addition to partnership announcements with BII and Volkswagen. We recorded our highest quarterly revenue for Auto and Farm segments. In SUVs, we continue to be the revenue market share leader. Festive sales have been strong this year across auto and farm sectors. With the unveil of the XUV4OO and our Born Electric Vision, we enter the Electric SUV segment and aim to establish leadership position in the future.“
Manoj Bhat, Group CFO, Mahindra & Mahindra added, “Our strong revenue growth coupled with the focus on operational metrics and cost management have enabled us to record our highest standalone profits ever.”
