Mahindra & Mahindra Q2 net profit rises 35% to ₹3,171 crore
The Hindu
Mahindra & Mahindra Ltd (M&M) reports 35% growth in net profit, strong performance across all businesses.
Mahindra & Mahindra Ltd (M&M) reported 35% growth in consolidated net profit at ₹3,171 crore for the second quarter ended September 30, 2024, as compared with ₹2,348 crore in the year-ago period due to strong performance of all its businesses.
The company, consolidated revenue for the period grew 10% to ₹37,924 crore Year on Year (YoY).
Auto and Farm businesses delivered operating results with profits up 23%. Financial services’ Asset Under Management grew by 20%.
Tech Mahindra showed good traction in BFSI and there was EBIT improvement of 490 bps. Services business delivered 1.8 times net profit as compared to the year ago period, the company said.
The auto business witnessed the highest quarterly volumes at 231000 units, up 9%. Utility Vehicles quarterly volumes reached 136000 units.
The auto business reported a 40% growth in consolidated net profit at ₹1.423 crore on consolidated revenues of ₹21,755 crore, up 15% YoY.
The consolidated revenue of the firm business was down 2% to ₹8,194 crore. The Farm business reported a consolidated net profit of ₹800 crore which remained flat YoY due to macro headwinds in international farm markets.
Net direct tax collection grew 15.41% to ₹12.11 lakh crore, surpassing the government's budgeted target for the fiscal year.
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