M&M Q3 results: The SUV manufacturer reported a 15% year-on-year increase in revenue for the quarter, reaching Rs 35,299 crore, compared to Rs 30,621 crore.
Mahindra & Mahindra Ltd announced on Wednesday that its consolidated profit for the December quarter increased by 34% year-on-year to Rs 2,658 crore, up from Rs 1,984 crore in the corresponding quarter last year. The company reported a 15% year-on-year rise in revenue for the quarter, reaching Rs 35,299 crore, compared to Rs 30,621 crore.
Rajesh Jejurikar, Executive Director & CEO of the Auto and Farm Sector at M&M, stated that the third quarter proved to be robust for both the Auto and Farm businesses.
“In Q3, we maintained our position as the top player in SUVs, securing a revenue market share of 21%, while also enhancing our Auto standalone PBIT margins. Despite challenges such as the contraction of the Tractor industry due to last year’s high base, unpredictable weather, and reduced reservoir levels, we managed to increase our tractor market share by 80 basis points to 41.8% in Q3. Additionally, our E-3W business sustained its market leadership, achieving a Q3 market share of 54% and a year-to-date market share of 59.5%.”
Manoj Bhat, Group Chief Financial Officer at M&M Ltd., affirmed that the company remained on track to achieve its targets of an 18% return on equity (RoE) and value creation through capital allocation strategies. He noted that December marked a positive quarter with several business segments demonstrating growth momentum.
Anish Shah, Managing Director & CEO of M&M, commented, “Our businesses exhibited strong operational performance this quarter. The Auto segment continued to enhance its market share and witnessed significant profit growth. Despite challenging market conditions, the Farm sector managed to increase its market share. MMFSL achieved its lowest ever GS3 and credit costs, aligning with our guidance. Although TechM faced operational challenges, I am confident that the necessary measures are being implemented to improve its performance.”
Shah stated that M&M persisted in its pursuit of unlocking value in growth opportunities through the listing of India’s largest renewable InvIT and collaborations with renowned investors.
