The Board of Directors of Mahindra & Mahindra Limited Friday approved the financial results for the quarter ended June 30, 2023 (Q1) of the company and the consolidated Mahindra Group.
The consolidated revenue for Q1 was at Rs 33,892 crore, up 19% compared to INR 28,414 crore in Q1 of FY23, and consolidated profit after tax (PAT) was up 60% to INR 3,508 crore.
Operating leverage drove improvement in profits by 2.2x in Auto, 58% in MMFSL, and 21% in Farm. This coupled with capital allocation actions and monetisation resulted in significant step up in the Group’s profitability, the company said in a media release.
Dr. Anish Shah, Managing Director & CEO, M&M Ltd., said, “During Q1, our businesses across Auto, Farm and Services delivered a strong performance. Auto led the way by strengthening its market leadership position and doubling its operating profit. Farm continues to increase market share quarter on quarter and deliver a double-digit profit improvement. In Services, MMFSL is on track to realise its full potential and transformation is underway at TechM. With this momentum, we are well on our way to deliver scale by transforming our core businesses and a 5x challenge for growth gems.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd., said, “Our endeavour to deliver innovative product offerings with strong execution has enabled a strong overall performance. In SUVs, we continue to be leaders in revenue market share for the 6th consecutive quarter with SUV Volume crossing the 1 lakh milestone. In the tractor business, we have achieved 42.9% market share, highest since Q2FY20. Our E-3W business continued market leadership with 65.5% market share.”
Manoj Bhat, Group Chief Financial Officer, M&M Ltd. said, “Our consolidated results reflect the robust performance of our multiple businesses. We have also realized the benefits of value creation through our capital allocation actions. Our market leadership position in our Automotive and Farm businesses have helped us realize operating margin benefits.”
