Mahindra & Mahindra Q3 Results: Net profit grows 14%, margin meets analysts' estimates
Mahindra & Mahindra Q3 Results: M&M reported a 14.4 per cent year-on-year increase in net profit to Rs 1,528.1 crore for the quarter ended December 2022, missing analysts' estimates.
Mahindra & Mahindra Q3 Results: Mahindra & Mahindra on Friday reported a net profit of Rs 1,528.1 crore for the quarter ended December 2022, marking an increase of 14.4 per cent compared with the corresponding period a year ago. The quarterly net profit fell short of analysts' estimates.
The auto major's revenue grew 41.1 per cent on a year-on-year basis to Rs 21,653.7 crore, according to a regulatory filing.
According to Zee Business research, M&M's quarterly net profit was estimated at Rs 1,850 crore and revenue at Rs 21,550 crore.
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“We have had another robust quarter led by the robust performance of our auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns," said Anish Shah, Managing Director and CEO, Mahindra & Mahindra.
The automobile company's margin — a key measure of profitability for a business — improved by 125 basis points to 13 per cent for the three-month period compared with the year-ago quarter, according to the filing. According to the research, the company's margin was estimated at 12.7 per cent.
Mahindra & Mahindra said its total sales volumes increased 45 per cent to 1,76,094 vehicles compared with the year-ago period. The volumes in its auto anf farm segments clocked record quarterly volumes, according to a company statement.
Mahindra & Mahindra said the January 26 launch of the XUV400 was successful, making the vehicle the fastest booked electric SUV in India.
M&M said the XUV400 saw bookings of more than 15,000 within 13 days.
Mahindra & Mahindra shares slipped into the red after the earnings announcement, finishing the day weaker by Rs 7.4 or 0.5 per cent at Rs 1,365.2 apiece on BSE.