Mahindra & Mahindra has reported its financial performance for the first quarter of FY2023. The company reported revenue of Rs 28,412 crore, up 48% compared to Rs 19,172 crore reported a year ago.
The net profit came at Rs 2,195 crore (+67% YoY) compared to Rs 424 crore reported a year ago. In the auto space, the company reported highest ever quarterly revenue for the Auto and Farm Segments at Rs 18,995 crore. Highest ever domestic and export volumes in the Farm Equipment Sector. Highest ever SUV deliveries in a quarter at 75,400 units and pik-up at 46,400 units recording a YoY growth of 77.2% and 79.7% percent respectively. During the quarter the company sold 1,49,803 vehicles compared to 85,858 units a year ago.
Dr. Anish Shah, MD & CEO, Mahindra & Mahindra said, “Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the Auto and Farm sector.”
Rajesh Jejurikar, ED , Mahindra & Mahindra said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. Mahindra continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share. With 273k+ bookings, the demand for the automotive product portfolio remains strong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month.”
Manoj Bhat, Group CFO, Mahindra & Mahindra said, “We were able to deliver robust results despite the volatility, which is a testament to our business model. Our progress on our goals on RoE and growth are on track.”