Mobility – Page 5677 – I wish I had more to offer

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Mahindra & Mahindra Financial Results- 2Q, FY-2019

Q2 M&M + MVML Revenue at Rs. 12790 crores up by 6%

Q2 M&M + MVML PAT after (EI) at Rs.1779 crores up by 26%

Mumbai, 14th November 2018: The Board of Directors of Mahindra & Mahindra Limited today announced the financial results for the quarter ended 30th September 2018 of the Company and the consolidated Mahindra Group.

Q2 F2019 – M&M + MVML* Results

Rs. crores

Q2 F2019
Q2 F2018
Growth % YoY

Revenues and Other Income
13,638
12,574
8%

Profit from ordinary activities Before Tax (before EI)
2,161
2,035
6%

Profit from ordinary activities Before Tax (after EI)
2,298
2,035
13%

Profit from ordinary activities After Tax (after EI)
1,779
1,411
26%

Operating margin (OPM)
14.5%
16.0%

Vehicles sold (Nos)
1,41,163
129,754
9%

Tractors sold (Nos)
73,012
76,984
-5%

Exports (vehicles and tractors) (Nos)
13,377
11,755
14%

For Q2 F2019, the Indian auto industry (excluding two wheelers) posted a moderate growth of 4.8%. This moderation in growth was due to a high base from Q2 F2018, shift of the festive season to Q3 F2019 and partial slowing down of demand for passenger vehicles especially in urban parts of the country. The passenger vehicle industry reported a de-growth of 3.6%, with the utility vehicle de-growing 8.1%. The commercial vehicle goods industry posted a robust growth of 29.8%, with LCV < 3.5T goods segment growing 31.3% and the MHCV goods segment grew 29.5%. The demand in the LCV < 3.5T segment was driven by a strong rural demand coming from the agri sector and sustained efforts for rural development coupled with affordable finance. The MHCV segment growth is driven by sustained investment in road, infra projects and an uptick in IIP. In Q2 F2019, the total domestic automotive volume for the Company grew by 8.8% and the HCV volume with sales of 3078 trucks grew by 48.1%. The Company exported 9,244 vehicles during the current quarter, a growth of 18.9% over the corresponding quarter previous year.

The domestic tractor industry witnessed a decline of 2.6% in Q2 F2019 on account of shift in festive season to Q3 F2019 which resulted in the company’s domestic tractor sales also declining by 5.2% in Q2 F2019. With the healthy reservoir levels, progress on rabi sowing and increase in minimum support prices of Rabi crops we expect the growth momentum to pick up in the coming months.

Outlook:

Real GDP growth, according to the RBI's estimates, is projected to improve from 6.7 per cent in 2017-18 to 7.4 per cent in 2018-19. Rising gross fixed capital formation, driven by the government’s focus on the road sector and affordable housing along with higher private spending has helped buoy growth so far. The monsoon was marked by an overall deficit of 9 per cent but distribution of precipitation remained conducive along with higher water reservoir levels. Therefore, the first advance estimates of production of kharif crops for 2018-19 have placed food grains production being 0.6 per cent higher than last year’s level.

Going forward, growth will be a function of evolving liquidity conditions as well as private and government spending. Among global factors, crude oil price behaviour and US-China trade policy maneuvering will be the key factors to watch out for.

H1 F2019 – M&M + MVML Results

Rs. crores

H1 F2019
H1 F2018
Growth % YoY

Revenues and Other Income
27,189
23,580
15%

Profit from ordinary activities Before Tax (before EI)
3,991
3,165
26%

Profit from ordinary activities Before Tax (after EI)
4,153
3,165
31%

Profit from ordinary activities After Tax (after EI)
3,036
2,163
40%

Operating margin (OPM)
15.1%
14.7%

Q2 & H1 F2019 – M&M Standalone Results

Rs. crores

Q2 F2019
Q2 F2018
H1 F2019
H1 F2018

Revenues and Other Income
13,835
12,745
27,620
25,326

Profit from ordinary activities After Tax (after EI)
1,649
1,332
2,870
2,081

Q2 & H1 F2019 – Group Consolidated Results

Rs. crores

Q2 F2019
Q2 F2018
Growth % YoY
H1 F2019
H1 F2018
Growth % YoY

Revenues and Other Income
26,125
22,725
15%
52,386
45,937
14%

Profit after tax after Non-Controlling Interest (before EI and one-off items)
1,075
988
9%
2,456
1,845
33%

Profit after tax after Non-Controlling Interest (after EI and one-off items)
1,633
2,029
-20%
3,363
2,886
17%

A full summation of Gross Revenues and other income of all the group companies taken together for the half year ended 30th September 2018 is Rs. 70,934 crores (USD 10.6 billion).

Note: Translation of rupee to dollar is a convenience translation at the average exchange rate for the twelve-month period ended 30th September 2018.

About Mahindra

The Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise

Media contact information

Mohan Nair
Vice President (Communications)
Mahindra & Mahindra Ltd.
Landline – + 91 22 28468510
Email – nair.mohan@mahindra.com

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Volkswagen Claims It Will Build 50 Million Electric Cars Using Its MEB Chassis

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Published on November 13th, 2018 |

by Steve Hanley

Volkswagen Claims It Will Build 50 Million Electric Cars Using Its MEB Chassis

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November 13th, 2018 by Steve Hanley

Tesla shares dropped about 5% in value on Monday. Could recent statements by Volkswagen head Herbert Diess have anything to do with that decline? Diess is boasting this week that his company will build 50 million EVs in coming years and that some of them will cost half as much as the cars from Tesla. Indeed, Bloomberg reported last week the company is planning to introduce a sub-compact SUV-style electric vehicle that will retail for $21,000. [Note: “sub-compact SUV” may be an oxymoron.]

Diess tells Reuters that Volkswagen has already taken steps to insure it has enough batteries available to power all of those electric cars. A spokesperson for the company provided some context to Diess’ claim, saying that the 50 million number is a theoretical long-term goal for the carmaker’s MEB electric car platform. He pointed out the company has built more than 50 million vehicles on its current MQB chassis for cars with an internal combustion engine over a period of many years.

A month ago, we reported on Volkswagen’s new MEB electric car chassis. Thomas Ulbricht, head of e-mobility at Volkswagen, told the press in October, “The MEB modular electric drive matrix is probably the most important project in Volkswagen’s history. The platform that Volkswagen is developing is more consistent and innovative than many of the other platforms. By 2022 alone, we anticipate that four Volkswagen Group brands will be ramping up 27 MEB models worldwide, ranging from compact cars to the I.D. BUZZ van.”

Christian Senger, head of e-mobility at Volkswagen, offered more intriguing details. “We have developed a platform designed specifically for electric cars. The I.D. models will not be combustion engine versions that have been converted, they will be designed to be 100 percent, thoroughbred electric vehicles. And they will be engineered to be online upgradeable and update compatible. We’re making optimal use of the possibilities this technology brings.” It will also be compatible with fast charging at up to 125 kW of power.

Will those 50 million electric cars be the compelling competitors Elon Musk has been begging the auto industry to manufacture for years? Probably not, but price is a huge factor for many shoppers. There’s a reason there are far more Corollas and Civics in the world than there are vehicles from Lexus, Audi, and BMW. Volkswagen is flinging down the gauntlet and telling Tesla, “You may be an innovator, but we know how to build lots and lots of cars quickly, efficiently, and profitably. Can you?”

That’s the nub of it. Volkswagen and other traditional car companies know how to crank out products. Tesla is forging ahead with a new factory in China, but how many of you know that Volkswagen is also planning its own Chinese electric car factory and plans to soon have 16 factories around the world dedicated to making electric vehicles. Volkswagen has far more experience creating and managing supply chains and the myriad details that go with manufacturing automobiles than Tesla does. Will Tesla’s penchant for innovation offset Volkswagen’s industrial knowledge base?

In the end, though, the framing may be off. We need all classes to transition to electricity. Just as there’s long been room for both the BMW 3 Series and the VW Golf and the Nissan Versa, there’s evidence to imply that Tesla and Volkswagen can both produce millions of electric vehicles a year for happy customers. Indeed, we need that.

Many of our loyal readers have commented that Volkswagen — like many of its peers — is long on promises and short on action. The first electric cars based on the MEB chassis are not due to begin rolling off assembly lines until 2020, with more coming over the 5 years to follow.

There is an old expression in racing circles: “When the flag drops, the bullshit stops.” The race for dominance in electric car manufacturing is underway, with Tesla already way out in front. Can Volkswagen — or any other legacy car maker — catch up? That’s a question that can’t be answered yet. Rest assured that CleanTechnica will keep you fully informed as the competition heats up.

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About the Author

Steve Hanley Steve writes about the interface between technology and sustainability from his home in Rhode Island and anywhere else the Singularity may take him. His muse is Charles Kuralt — “I see the road ahead is turning. I wonder what's around the bend?”

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