New Delhi: Mahindra & Mahindra (M&M) Group on Tuesday reported a growth of 213.6% in its consolidated PAT to INR 1,928.64 crore in Q2 FY22 as against INR 614.64 crore during Q2 FY21.
Revenue from operations in the July-September 2021 period stood at INR 21,469.80 crore compared to INR 19,226.81 crore in the corresponding period last year.
On a standalone basis, the company reported an eight times growth in its profit of INR 1431.73 crore in Q2 FY22 as against INR 161.75 crore in the corresponding period last year. Revenue for the second quarter rose by 14.7% to INR 13,305.37 crore as against INR 11,590.32 crore in the year-ago period.
Mahindra said it sold 99,334 vehicles during the period under review, up 9% from 91,536 units in the second quarter of last fiscal.
However, total tractor sales for the company declined by 5% to 88,920 units in the second quarter as against 93,246 units in the year-ago period.
Anish Shah, managing director and CEO, M&M Ltd, said, “We have seen significant improvement in our performance this quarter. Our strong show in the auto and farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value.”
Rajesh Jejurikar, executive director, M&M Ltd, said, “FES continued to deliver robust performance both in terms of market share and financial metrics despite steep commodity inflation. We had a blockbuster XUV7OO launch witnessing bookings of more than 70k. The demand for our other key automotive products also remains strong. With better availability of semiconductors, we hope to maintain the volume growth momentum Q3 onwards. We are poised well to deliver very strong growth and returns through an exciting new product portfolio.“
Manoj Bhat, Group chief financial officer, M&M Ltd, said, “Commodity prices have impacted our margins in both the auto and farm business, but our focus on cost management and optimization has helped mitigate some of the impact.”
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