M&M Chairman Anand Mahindra says, 'I am the storm'; here's why
M&M's standalone net profit soared to Rs 1,059.09 crore, which was an increase of 70.33% compared to net profit of Rs 621.78 crore in the corresponding period of previous year.
After passenger car maker Mahindra & Mahindra surpassed analysts estimates in both bottom-line and top-line performance in Q4FY18, the company's chairman Anand Mahindra took to his Twitter account and reacted to this performance. From the tweet, one can surely tell Anand is happy with M&M's FY18 fiscal performance. He tweeted, "The devil whispered in my ear, you’re not strong enough to withstand the storm." He added, "Today, I whispered in the devil’s ear: I AM the storm..”
M&M's standalone net profit was at Rs 1,059.09 crore which increased by 70.33% compared to net profit of Rs 621.78 crore in the corresponding period of previous year. However, the standalone Q4FY18 net profit was a decline of 12.90% from Rs 1,215.91 crore in preceding quarter.
Standalone revenue came in at Rs 13,307.88 crore, registering rise of 10.46% from Rs 12,047.58 crore in Q4FY17 and up 14.94% as against Rs 11,577.78 crore in Q3FY18.
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A Bloomberg poll of analysts predicted net profit and revenue of M&M to come in at Rs 1,050 crore and Rs 13,110 crore respectively during this period.
“The devil whispered in my ear, you’re not strong enough to withstand the storm. Today, I whispered in the devil’s ear: I AM the storm..” https://t.co/3xWyNGNPfo
— anand mahindra (@anandmahindra) May 29, 2018
Following the Q4FY18 announcement, even investors boosted the stock price of M&M as it surged by 2.16% and also touched intraday high of Rs 868 per piece on BSE.
For Q4 F2018, the domestic auto industry (excluding 2W) grew 19%, with the passenger vehicles reporting a growth of 7% and the UV segment a growth 25%. The domestic tractor industry witnessed a very high growth of 44%. In Q4 F2018, the domestic Automotive volume for the company grew 20% while the domestic tractor volumes grew 44%.
M&M said, “Domestic sales crossed the 5,00,000 mark after a gap of five years. The company achieved its highest ever sales for Scorpio and Pik-Ups this year and Bolero volumes crossed 1 million since launch. Also, in F2018, the company recorded its highest ever tractor volumes for both domestic and export, and retained the leadership position for the 35th consecutive year.”
For further outlook M&M said, “Economic activity is expected to gather pace as the transitory effects of implementation of the goods and services tax (GST) recede. This outlook will also be lifted by tailwinds from normal rainfall with the weather bureau forecasting a 'normal' monsoon for the third successive year in its first stage long range forecast.”