Mahindra & Mahindra Ltd. (M&M) reported second quarter consolidated net profit grew 44% to ₹2,773 crore compared with the year-earlier period due to strong performance by its auto and farm businesses. On a standalone basis, M&M reported net profit of ₹2,090 crore, up 46% year-on-year as volumes remained healthy. Exports for both vehicles and tractors remained strong, the company said.
Standalone revenue for the quarter increased 57% to ₹20,839 crore while consolidated revenues grew 39% to ₹29,870 crore. The company’s Farm Equipment Sector (FES) achieved its highest Q2 volume at 92,590, up 5% year-on-year while the auto segment achieved its highest-ever quarterly volume at 1,74,098 units, increasing 75%.
“Our robust financial results reflect the progress we have made on our strategic imperatives,” said Anish Shah, managing director & CEO, M&M. “While the auto segment has led growth, we have seen steady performance across our group companies,” he added.
“Our journey of creating value and providing growth capital continued,” he added.
Rajesh Jejurikar, executive director, M&M Ltd., said, “It has been an action-packed quarter with multiple product launches and new products across segments, in addition to partnership announcements with British International Investment (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,“ he added.
Manoj Bhat, group chief financial officer, M&M Ltd., said, “Our strong revenue growth coupled with the focus on operational metrics and cost management have enabled us to record our highest standalone profits ever.”