Mahindra and Mahindra Ltd posted a 45 per cent increase in net profit for the quarter ended September 30,2022, driven by growth and sales of its auto and farm divisions.
The company clocked ₹2,772 crore net profit during the quarter against ₹1,928 crore in the same quarter last year.
Revenue from operations grew 39.1 per cent to ₹29,870 crore (₹21,469 crore).
The company said it remains the number one brand in SUV with the highest ever monthly booking of 53,000 units in September. It has an open booking of over 2,60,000 units in SUVs and light commercial vehicles achieving 60 per cent market share in Q2 F23 with an uptick of 10.8 per cent year-on-year.
“While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued through the Susten-OTPP transaction and the BII transaction,” said Anish Shah, Managing Director, Mahindra and Mahindra Ltd
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“In addition to partnership announcements with BII and Volkswagen. We recorded our highest quarterly revenue for the auto and rarm segments. In SUVs, we continue to be the revenue market share leader. Festive sales have been strong this year across auto and farm sectors,” said Rajesh Jejurikar, Executive Director of, Auto and Farm Sectors, Mahindra and Mahindra Ltd.
“Strong set of numbers from Mahindra and Mahindra. The outperformance was seen on the topline as both the auto as well as farm equipment segments performed robustly. Margins at 12 per cent were in line with expectations. Auto, as well as FES margins, grew on a QoQ basis. At the bottomline, higher other income and good operational performance led to an above-expected growth,” said Ashwin Patil, Senior Research Analyst at LKP Securities.