Mahindra & Mahindra (M&M) on Friday reported a 59.79 per cent year-on-year (y-o-y) surge to Rs 3,508.41 crore for the June 2023 quarter. Its revenue from operations during April-June 2023 jumped 17.57 per cent YoY to Rs 33,406.44 crore, compared with 28,412.38 in the year-ago period.
Mahindra & Mahindra had posted a net profit of Rs 2,195.54 crore in the corresponding quarter last year.
Its operating leverage drove improvement in profits by 2.2 times in the automotive segment, 58 per cent in MMFSL and 21 per cent in the farm segment. This coupled with capital allocation actions and monetisation resulted in significant step up in the group’s profitability, M&M said in a statement.
Anish Shah, managing director & CEO of M&M, said, “During Q1, our businesses across auto, farm and services delivered a strong performance. Auto led the way by strengthening its market leadership position and doubling its operating profit. Farm continues to increase market share quarter on quarter and deliver a double-digit profit improvements.”
In services, MMFSL is on track to realise its full potential and transformation is underway at TechM. With this momentum, the company is well on our way to Deliver Scale by transforming our core businesses and a 5x challenge for growth gems, he said.
Rajesh Jejurikar, executive director & CEO (auto and farm sector) of M&M, said, “Our endeavour to deliver innovative product offerings with strong execution has enabled a strong overall performance. In SUVs, we continue to be leaders in revenue market share for the 6th consecutive quarter with SUV volume crossing the 1L milestone.”
In the tractor business, the company has achieved a 42.9 per cent market share, highest since Q2 F20. Its E-3W business continued market leadership with 65.5 per cent market share.
Manoj Bhat, group chief financial officer of M&M, said, “Our consolidated results reflect the robust performance of our multiple businesses. We have also realised the benefits of value creation through our capital allocation actions. Our market leadership position in our Automotive and Farm businesses have helped us realise operating margin benefits.”
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