PUNE: Mahindra & Mahindra, the SUV specialist, on Friday posted a net profit of 22.1 per cent at Rs 1,549 crore for the quarter ended March, up from Rs 1,268 crore in the March quarter last year.
Revenue for the quarter came at Rs 22,571,4 crore, up 31 per cent from Rs 17,237 crore in the same quarter of the previous fiscal. Revenue growth was above analyst estimates of 28-29 per cent growth.
Brokerages were expecting revenue to be between Rs 21,890 crore and Rs 22,042 crore, and net profit to be between Rs 1,620 crore and Rs 1,948 crore.
For FY23, the Mumbai-based automaker posted an all-time high record annual net profit of Rs 10,282 crore, up 56 per cent. “This was driven by successful mega launches in automotive, steady growth at Farm Equipment, strong operating performance at Financial Services and value unlock through monetisation/partnerships,” said the company in a statement.
The automotive and farm-equipment segments recorded the highest-ever volumes. The former saw sales of 6,98,000 units in FY23, up 50 per cent; while the latter saw volumes hit 4,04,000, up 15 per cent.
Revenue grew 34 per cent over FY22, on “strong volume momentum across all key businesses”, and the automotive vertical “led the way with 62 per cent growth, driven by strong execution of launches and an improvement in supply chain related issues”.
“Operational profits improved significantly, as a result of volume growth, timely pricing actions, easing commodity inflation and stringent control over fixed costs,’ the company said.
“It has been a blockbuster year for the group. Auto led the way with record-breaking launches, as we regained the #1 position for SUV revenue market share. LCVs, Farm equipment, and electric 3 wheelers continue to strengthen our leadership position. Amongst the group companies, MMFSL turnaround is clearly visible with record disbursement and improved asset quality,” said Anish Shah, Managing Director & CEO at M & M.
