JOIN USMahindra net profit rises to Rs 1,432 crore
Mahindra and Mahindra reported an eight-time jump in its Q2 profit after tax at Rs 1,432 crore, up from Rs 162 crore in the previous fiscal. Its consolidated PAT after EI stood at Rs 1,929 crore.
The company’s Q2 revenue stood at Rs 13,305 crores, up 15 per cent year on year from the 11,590 crore in the same period in the previous fiscal.
The consolidated revenues stood at Rs 21,470 crore, an increase of 12 per cent.
Anish Shah, Managing Director and CEO, M&M Ltd, said: “We have seen significant all-round improvement in our performance this quarter. Our strong show in the auto and farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value.”
Rajesh Jejurikar, Executive Director, M&M Ltd, said, “FES continued to deliver robust performance both in terms of market share and financial metrics despite steep commodity inflation. We had a blockbuster XUV7OO launch witnessing bookings of more than 70,000. The demand for our other key automotive products also remains strong. With better availability of semiconductors, we hope to maintain the volume growth momentum Q3 onwards. We are poised well to deliver very strong growth and returns through an exciting new product portfolio."
Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said: “Commodity prices have impacted our margins in both the auto and farm business, but our focus on cost management and optimisation has helped mitigate some of the impact.”
M&M also announced that the bookings for the XUV700 have reached more than 70,000 till date and that the auto business continues to maintain strong booking pipeline
The company also said that the farm equipment sector (FES) tractors market share is at 40.1 per cent, up 1.9 per cent compared to Q2 FY2021 and electric three-wheelers volume with 68 per cent market share up by 318 per cent compared to Q2 FY2021. When it comes to exports, farm is up 105 per cent (highest ever in H1) and auto up 86 per cent compared to Q2 FY2021.
Watch the latest DH Videos here: