New Delhi: Mahindra & Mahindra (M&M) on Friday reported a growth of 14% in its standalone PAT at INR 1,528 crore in Q3 FY23. The company’s PAT stood at INR 1,335 crore in Q3 FY22.
Revenue for the company during the October- December 2022 quarter also grew 41% to INR 21,654 crore compared to INR 15,349 crore in the corresponding quarter of last year.
Anish Shah, Managing Director & CEO, M&M, said, “We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns.”
The consolidated PAT for the group was up 35% to INR 2,677 crore in Q3 FY23 as compared to INR 1,987 crore in Q3 FY22.
Rajesh Jejurikar, Executive Director, M&M, said, “Our efforts towards creating segment leading products and improving operational efficiencies have led to achievement of highest ever quarterly revenue and PBIT in Q3 F23 for Auto and Farm sectors. In SUVs, we continue to be leaders in revenue market share for the 4th consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41% market share, highest Q3 market share in the past 5 years.“
Manoj Bhat, Group Chief Financial Officer, M&M, said, “Our operating margins improved by 130 basis points YoY led by operating efficiencies and our focus on fiscal discipline. We recorded our highest ever quarterly group revenue reflecting strong growth across businesses.”
Total vehicle sales for Mahindra was up 45% to 1,76,094 units in Q3 FY23 as against 1,21,167 vehicles in Q3 FY22.
Total tractor sales stood at 1,04,850 units during the quarter ended December 2022, up 14% from 91,769 tractors sold in the corresponding quarter of last year.
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