Mahindra & Mahindra September quarter profit up 44% at Rs 2,773 crore

Homegrown diversified group Mahindra & Mahindra on Friday reported 44 per cent increase in consolidated profit at Rs 2,773 crore for September quarter, boosted by robust sales across business verticals.

The group had logged a net profit of Rs 1,929 crore in July-September last fiscal year, Mahindra & Mahindra (M&M) said in a regulatory filing.

Revenue from operations during the quarter under review rose to Rs 29,870 crore from Rs 21,470 crore in the year-ago period, it added.

M&M, on a standalone basis, reported revenue of Rs 20,839 crore in the second quarter, up 57 per cent from Rs 13,314 crore in the same period a year ago, the company said.

Profit after tax increased 46 per cent to Rs 2,090 crore in September quarter, as compared to the year-ago period.

The auto major said it sold a total of 1,74,098 vehicles in the second quarter, higher 75 per cent from 99,334 units in September quarter 2021-22.

Tractor sales increased 5 per cent to 92,590 units in September quarter 2022-23 as compared with 88,027 units in the year-ago period.

M&M Managing Director & CEO Anish Shah said the group's robust financial results reflect the progress it has made in its strategic imperatives.

"While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued," he added.

Elaborating further, M&M Executive Director Rajesh Jejurikar said:" It has been an action-packed quarter with multiple product launches and new products across segments, in addition to partnership announcements with BII and Volkswagen."

The company has recorded its highest quarterly revenue for auto and farm segments, he added.

"In SUVs, we continue to be the revenue market share leader. Festive sales have been strong this year across auto and farm sectors. With the unveil of the XUV4OO and our Born Electric Vision, we enter the Electric SUV segment and aim to establish leadership position in the future," Jejurikar stated.

Shares of the company were trading 0.38 per cent up at Rs 1,302.9 apiece on the BSE.