New Delhi: Auto major Mahindra & Mahindra (M&M) on Thursday reported a growth of 4% in its consolidated net profit at INR 2754 crore during the quarter ended March 2024. The company reported a profit of INR 2637 crore during the corresponding period of last year.
The company’s total income from operations during Q4 FY24 stood at INR 35,451.73 crore as against INR 32,455.65 crore in Q4 FY23.
Dr. Anish Shah, Managing Director & CEO, M&M said, “It has been an excellent year with most of our businesses delivering high level of performance. Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality. TechM was a weak spot, the turnaround has commenced with the new organization in place. Growth gems are performing well, with Susten and LMM leading the way.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M said, “We continue to be No 1 SUV player by revenue and gained 3.5% market share in LCVs
Manoj Bhat, Group Chief Financial Officer, M&M said, “Our disciplined capital allocation and sharp focus on operating metrics helped generate record cashflows in FY24. We also repaid debt of 3.1k cr. and delivered RoE of 18.4%. Through these steps, we have built a foundation to support the next phase of our growth.”
“Auto had another solid year with profits growing 2.5x. Farm improved market share in a declining industry. Financial services made strong progress on asset quality with record low GS3. Growth gems progressed well on the 5x challenge with continued value unlocking,” the automaker said in a statement.
For the full year FY24, its consolidated net profit grew 25% at INR 11,269 crore as against INR 9,025 crore in FY23.
Revenue was up 15% at INR 1.39 lakh crore in the year ended March 2024 when compared to INR 1.21 lakh crore in corresponding period of last year.
The company said its board has approved a dividend of INR 21.10 per share of the face value of INR 5 each