M&M Q4 profit zooms to Rs 1,192 crore

MUMBAI: Mahindra & Mahindra on Saturday reported nearly five-fold jump in standalone profit at Rs 1,192 crore for quarter ended March 31, 2022.

The company had posted a profit of Rs 245 crore for the year-ago period, it said in a statement.

Revenue grew 28 percent to Rs 17,124 crore in the period under review as compared with Rs 13,356 crore in March quarter 2020-21, it said.

In full fiscal year 2021-22, the company logged a standalone profit of Rs 4,935 crore, a multi-fold growth from Rs 984 crore in fiscal year ended March 31, 2021.

M&M said it achieved the highest ever standalone revenue for auto and farm segments at Rs 55,300 crore for FY22, which is 29 percent higher than the previous year's.

It also said the company's auto business delivered highest ever quarterly UV (utility vehicle) volumes in Q4 with 42 percent year-on-year growth while Farm Equipment Sector (FES) tractors market share for FY22 stood at 40 percent, a growth of 1.8 percent Y-o-Y.

Auto export also saw strong performance in last fiscal year with 77 percent growth Y-o-Y, it said, adding farm export volume at 17,500 tractors were highest in FY22 with 66 percent growth.

The semiconductor supplies improved in Q4 resulting in highest ever quarterly UV volumes, it stated.

" Our performance in Q4 and FY22 underscores the resilience of our business model. Despite significant challenges due to various factors like Covid, commodity prices, semiconductor shortages and the Ukraine conflict, we have delivered strong results at the consolidated level. All of our group companies are well positioned to capitalize on growth opportunities," said Anish Shah, Managing Director & CEO, M&M.

The company recorded its highest revenue for the auto and farm segment in FY22. M&M became No.1 in SUV revenue market share in Q4 and in the second half of FY22, while FES gained 180 basis points market share in FY22, said Rajesh Jejurikar, Executive Director, M&M.

"With over 170k bookings, the demand for the automotive product portfolio remains strong. FES delivered second highest full year PBIT (profit before interest and tax) despite market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures by the Government of India and RBI, we foresee the cost pressures in the economy to ease out," he added.

"Our focus on capital allocation and improved financial metrics continue to deliver results. We continue on our journey towards 18 percent RoE (return on equity) ," said Manoj Bhat, Group Chief Financial Officer, M&M.