M&M Q3 net rises 35% to ₹2,677 crore on higher vehicle sales

‘Operating margins improved by 130 basis points YoY led by operating efficiencies and focus on fiscal discipline’

Mahindra & Mahindra (M&M) Ltd. reported third-quarter consolidated net profit grew 35% year-on-year (YoY) to ₹2,677 crore on higher vehicle sales.

Consolidated revenue at ₹30,620 crore jumped 30%, the company said in a filing. 

“We have had another robust quarter led by the robust performance of our auto division. Our farm division also reported healthy growth with increased market share,” said Anish Shah, Managing Director & CEO.

“Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns,” Dr. Shah added.

“Our efforts towards creating segment leading products and improving operational efficiencies have led to achievement of highest ever quarterly revenue and PBIT in Q3 F23 for Auto and Farm sectors,” said Rajesh Jejurikar, Executive Director.

“In SUVs, we continue to be leaders in revenue market share for the fourth consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41% market share, highest Q3 market share in last 5 years,”’he added.

Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said the company’s operating margins improved by 130 basis points YoY led by operating efficiencies and our focus on fiscal discipline. “We recorded our highest- ever quarterly group revenue reflecting strong growth across businesses,” he added.