M&M net profit surges 67 per cent to Rs 1430 crore

MUMBAI: Mahindra & Mahindra (M&M) on Friday reported a standalone net profit of Rs 1,430.2 crore for the quarter ended June 30, 2022, registering a year-on-year growth of 67 per cent.

The company reported the highest ever quarterly standalone revenue for auto and farm segments at Rs 18,995 crore for the first quarter of the current financial year.

The Board of Directors of Mahindra & Mahindra Limited on Friday approved the financial results for the quarter ended 30th June 2022 of the Company and the consolidated Mahindra Group.

Commenting on the quarterly performance, Anish Shah, Managing Director & CEO, Mahindra & Mahindra Ltd, said, "Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the Auto and Farm sector."

Mahindra & Mahindra tractor segment recorded the second highest ever profit before interest and tax at Rs 1,074 crore for the quarter under review. Overall Mahindra & Mahindra's operating profit for the quarter ended June 30, 2022, rose 43 per cent to Rs 2,341 crore.

"We recorded our highest quarterly revenue for Auto and Farm segments and delivered a robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7 per cent tractor market share," said Rajesh Jejurikar, Executive Director, M&M Ltd.

"With 273k+ bookings, the demand for the automotive product portfolio remains strong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveiling of our Born Electric Vision later this month," Jejurikar said in a statement.

Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said, "We were able to deliver robust results despite the volatility, which is a testament to our business model. Our progress on our goals on RoE and growth are on track."