 "M&M Ltd Q2 result: Consolidated net profit at Rs 2,348 cr; revenue up 14%")
Mahindra and Mahindra Limited reported a 15 per cent dip in its consolidated net profit to Rs 2,348 crore in the quarter that ended on September 30. The company had reported a consolidated net profit of Rs 2,773 crore in the same quarter last year. On a sequential basis, the company's net profit declined 33 per cent from Rs 3,508 crore in the previous quarter, it said in a BSE filing.
The company's consolidated revenue from operations was up 14.76 per cent to Rs 34,281.20 crore during the quarter under review against Rs 29,870.38 crore last year. In the previous quarter, it had reported revenue from operations of Rs 33,406.44 crore. This is a rise of 2.61 per cent.
The total income for Q2FY24 came in at Rs 35,027.23 crore, compared to Rs 30,130.85 crore year-on-year (y-o-y), registering a rise of 16.25 per cent. On a quarter-on-quarter (q-o-q) basis, the total income was up 0.94 per cent. It was Rs 34,698.68 crore in Q1FY24.
Anish Shah, managing director and chief executive officer (CEO) of M&M Ltd, said, "During Q2, 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. 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 realizing the 5x challenge for growth gems."
In a press release, the company stated that it reported its highest-ever quarterly volumes at 212,000, up 18 per cent as compared to Q2FY23. It further said that the volume of electric 3-wheelers rose by 74 per cent in this quarter.
At 1:02 pm, the shares of Mahindra and Mahindra Ltd were trading at Rs 1,519.90.