The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23.
Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.Profit before tax was at Rs 3,120.73 crore in Q3 FY24, registering a growth of 59.41% from Rs 1,957.62 crore in Q3 FY23.
EBITDA grew by 10% to Rs 3,590 crore in the third quarter of FY24 as compared with Rs 3,273 crore recorded in the similar quarter last year.
During the quarter, M&M sold 2,11,443 vehicles, recording a growth of 20% as against 1,76,094 vehicles sold in the same quarter a year ago. While total tractors sold in Q3 FY24 stood at 1,00,522 units, down 4% from 1,04,850 units sold in Q3 FY23.
On consolidated basis, the vehicle manufacturer net profit stood at Rs 2,658.40 crore, down 0.67% year on year. While, revenue from operation jumped 15.01% to Rs 35,218.32 in the third quarter of FY24 as against with Rs 30,620.19 crore posted in Q3 FY23.
The company's revenue from the Automotive segment was at Rs 19,380.13 crore (up 25.91% YoY) in Q3 FY24. The car maker reported highest ever Q3 volumes at 211k, up 20% and highest ever UV volumes at 119k.
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Income from Farm Equipment Sector (FES) came in at Rs 8,599.89 crore, marginally rose by 0.17% YoY during the quarter.
Anish Shah, managing director & CEO, M&M, said, Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions. In Services, MMFSL had its lowest ever GS3 and credit costs are trending as per guidance. TechM is working through challenging operating results but I feel good that the right actions are being taken to turnaround its performance. We continued the journey of unlocking value in our growth gems with the listing of Indias largest renewable InvIT and partnerships with marquee investors.
Rajesh Jejurikar, executive director & CEO (Auto and Farm Sector), M&M, said, We had a strong quarter for both Auto and Farm businesses. We were #1 in SUVs with Revenue Market Share of 21% in Q3 while further improving our Auto Standalone PBIT margins. We increased tractor market share by 80 bps to 41.8% in Q3 even as the Tractor industry contracted on back of last years high base, weather vagaries and lower reservoir levels. Our E-3W business is maintaining its market leadership with Q3 market share of 54% and YTD market share of 59.5%.
Manoj Bhat, group chief financial officer, M&M, said, We continue to meet our objectives of 18% RoE and value creation from capital allocation actions. It has been a good quarter with multiple business showing growth momentum.
Mahindra & Mahindra is among the top tractor manufacturers in the world and is a leading manufacturer of goods LCVs in India. It also manufactures UVs, medium and heavy CVs, three-wheelers, two-wheelers and passenger cars.
Share of Mahindra & Mahindra rose 0.11% to Rs 1,647.70 on the BSE.
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