Mahindra & Mahindra Q1 Results: Net profit jumps 60% YoY to Rs 3,508 crore
M&M Q1 Results: Consolidated revenue for the quarter under review came in at Rs 33,892 crore, up 19 per cent YoY.
M&M Q1 Results: Mahindra & Mahindra (M&M) on Friday reported a consolidated net profit of Rs 3,508 crore for the quarter ended June 30, 2023, up 60 per cent year-on-year (YoY) against Rs 2,196 crore in the year-ago period. Consolidated revenue for the quarter under review came in at Rs 33,892 crore, up 19 per cent YoY.
Dr. Anish Shah, Managing Director & CEO, M&M Ltd. 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. The farm continues to increase market share quarter-on-quarter and deliver double-digit profit improvements. In services, MMFSL is on track to realise its full potential, and transformation is underway at TechM. With this momentum, we are well on our way to Deliver Scale by transforming our core businesses and a 5x challenge for growth gems."
"Mahindra & Mahindra Limited delivered a stellar Q1 performance with a net profit of Rs 3,508 crore, up 60 per cent. Operating leverage drove improvement in profits by 2.2x in Auto, 58 per cent in Mahindra & Mahindra Financial Services (MMFSL) and 21 per cent in Farm. This coupled with capital allocation actions and monetisation’s resulted in a significant step up in Group’s profitability," the company said in its earnings release.
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M&M Q1 business highlights
• Highest ever Q1 volumes at 186k, up 21%
• Open bookings of SUVs at 281k+ (as of August1, 2023), reflecting continued strong automotive demand
• Launch of all-new Bolero Maxx Pik-up range with iMaxx technology and segment-first features
• Standalone PBIT Rs 1,252 cr, up 86% and PBIT margin 7.5%, up 220 bps
• Consolidated PAT Rs 1401 cr, up 203% including KG Mobility(SYMC) re-listing gain of Rs 405 cr
• Consolidated Revenue Rs 16,999 cr, up 27
• 2nd highest quarterly volume at 114k
• Farm machinery revenue Rs 181 cr, up 24%; No 2 in Rotavators market share estimated at 23.5%
• Global launch of Mahindra Oja lightweight tractor platform on August 15
• Standalone PBIT Rs 1,303 cr, up 16% and PBIT margin 17.5%, up 160 bps
• Consolidated PAT Rs 1,198 cr, up 21%
• Consolidated Revenue Rs 9,710 cr, up 9%
• MMFSL AUM up 28%, PAT up 58% and GS3 at 4.3% improved by 370 bps
• TechM revenue is up 4%; one-off provision and lower revenue-impacting margins initiated a turnaround
"Our consolidated results reflect the robust performance of our multiple businesses. We have also realized the benefits of value creation through our capital allocation actions. Our market leadership position in our Automotive and Farm businesses has helped us realise operating margin benefits," said Manoj Bhat, Group Chief Financial Officer, of M&M Ltd.