Anand Mahindra, Chairman, M&M says:

-- The future of mobility lies in 3 areas:
1)Shared mobility
2) Renewable energy powertrains
3)Autonomous vehicles

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-- As battery costs come down, electric vehicles will be "irrestible"

-- We intend to be profitable participants in the electric vehicle space

-- We at Mahindra must look at developing driverless, autonomous commercial vehicles

-- Agriculture has the highest potential for autonomy

-- Tractors that work autonomously will change the future of food production

-- Mahindra is pioneering the development of autonomous tractors

Tractors to SUV manufacturer Mahindra & Mahindra reported net profit of Rs 955.21 crore for the June quarter ended 2016 (Q1FY17), registering rise of 12.36% yoy (year-on-year) and 57.97% qoq (quarter-on-quarter).

The company’s total income stood at Rs 11,942.90 crore, witnessing growth of 14.05% yoy and 1.84% qoq.

It’s operating profit (EBITDA – earnings before interest tax depreciation and amortization) was at Rs 1285.54 crore, increasing by 3.29% yoy and 20.36% qoq.

While the company’s operating profit margin (OPM) i.e. operating profit over revenue was a mixed bag. It’s OPM stood at 10.76%, which contracted by 112 basis points yoy but expanded by 166 basis points qoq.

The top-line and bottom-line were driven by robust performance from Utility segment and tractor segment in domestic market.

M&M’s sold around 55,909 units of utility vehicles during this quarter, which grew by 13% over the June 2015 quarter, maintaining market leadership with 32% market share.

Also, tractor segment of M&M, recorded 71,785 unit of sale in the domestic market, a rise of 21% over the corresponding period of the previous year, which in turn has increased the market share of this segment by 44%.

Overall, nearly 1,10,959 vehicles were sold in Q1FY17, growing by 9.7% yoy.

M&M said on exchange that, "led by the positive outlook on consumer demand as well as renewed reform efforts by the government in recent months, business confidence is now ticking up and could lead to recovery in private capital expenditures towards the last quarter of this fiscal."

Thus even as we recognize the downside risks currently emanating from major advanced economies, our domestic outlook growth remains positive as we look to the future with confidence, said the company.
 
The share price of Mahindra & Mahindra slumped despite of strong Q1 performance. The stock was trading at Rs 1451.50 down by Rs 29.05 or 1.96%.