New Delhi: Mahindra & Mahindra (M&M) on Friday reported a growth of 418% in its consolidated profit (after exceptional items) to INR 2,195.54 crore in the first quarter of the current fiscal year, as against a profit of INR 423.88 crore in the corresponding period of last fiscal.
During April-June 2022, Mahindra’s consolidated revenue from operations stood at INR 28,412.38 crore, up from INR 19,171.91 crore in the April-June 2021 period.
The company sold 1,49,803 vehicles in Q1 FY23, marking a growth of 74% over 85,858 units sold in Q1 FY22. Its tractor volumes were also up 18% to 1,17,413 units in the quarter under review, as against 99,127 units in the year-ago period.
Anish Shah, Managing Director & CEO, M&M said, “Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the Auto and Farm sector.”
Rajesh Jejurikar, Executive Director, M&M said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share.”
“With over 273,000 bookings, the demand for the automotive product portfolio remains strong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month,” he said.
Manoj Bhat, Group Chief Financial Officer, M&M said, “We were able to deliver robust results despite the volatility, which is a testament to our business model. Our progress on our goals on RoE and growth are on track.”
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The company’s revenue from operations stood at INR 2,014.9 crore in Q1 FY23 as against INR 1,677 core in Q1 FY22.
The company’s revenue from operations jumped to INR 8434.66 crore in Q1 FY23 compared to INR 4070.34 crore in the same period a year ago.
The company continued its strong performance with sales of 27854 SUVs in July, registering a growth of 34% fuelled by robust demand for all its brands including XUV700, Thar, Bolero, and XUV300.