Mahindra & Mahindra Q2 Results: Net profit at Rs 3,452 crore, beats Street expectations
Mahindra & Mahindra (M&M) reported a 66.7 per cent year-on-year jump in standalone net profit to Rs 3,452 crore for the July-September period.
Mahindra & Mahindra (M&M) on Friday reported a standalone net profit of Rs 3,452 crore for the July-September period, aided by strong SUV sales and better than analysts' expectations. The quarterly net profit increased 66.9 per cent compared with the corresponding quarter a year ago.
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Its revenue grew 16.6 per cent on a year-on-year basis to Rs 25,773 crore for the second quarter of the current financial year, according to a regulatory filing.
The auto major's margin, a key measure of profitability, improved by 110 basis points (bps) to 17.1 per cent for the quarter under review.
The company exceeded analysts' estimates on all three parameters.
According to Zee Business research, M&M's quarterly net profit was estimated at Rs 2,830 crore, revenue at Rs 25,100 crore, and margin at 13.5 per cent.
“During Q2, the operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions. In Services, MMFSL had its lowest ever GS3 and turnaround is on track to unlock its full potential. Growth gems are progressing well on the 5x challenge," said Anish Shah, Managing Director and CEO, M&M.
"TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18 per cent, we are well on our way to deliver scale by transforming our core businesses and realising the 5x challenge for growth gems," he said.
Revenue from the auto maker's automotive unit increased 22 per cent to Rs 18,405.5 crore but that from its farm equipment business declined 0.4 per cent to Rs 5,919.5 crore, according to the filing.
The company said its quarterly volumes were the highest ever at 2,12,000 units, up 18 per cent on a year-on-year basis. Volumes in the electric three-wheelers segment increased 74 per cent, it said.
M&M shares recovered some of their intraday losses after the earnings announcement.
At 12:50 pm, the auto stock was down 0.9 per cent at Rs 1,539.2 apiece on BSE, having declined as much as 2.4 per cent earlier in the day.
With inputs from Reuters