Driven by strong automobile and tractor sales, Mahindra and Mahindra reported a 19.6 per cent rise in consolidated net profit at ₹3,180 crore with a 17.7 per cent increase in revenue in Q3.
The company registered ₹41,464 crore in revenue from operations during the quarter.
During the quarter, the company reported a 16 per cent growth in volume in the automobile segment while a 20 per cent volume growth was reported in the farm segment.
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Further, the company announced the formation of a wholly owned subsidiary - Mahindra Advanced Technologies Limited. The new company will focus on design, development, manufacture, supply, dealing, operating, trading, overhaul, repair, maintenance, and services of security solutions.
“Our businesses continue to demonstrate strength in execution. Auto and Farm delivered solid performance on market share and margins, on the back of focused execution. The transformation at TechM is gathering momentum. MMFSL continues to balance asset quality and growth priorities, with GS under 4 per cent on the back of strong AUM growth. Our Growth Gems are demonstrating steady progress towards their long-term objectives,” said Anish Shah, Managing Director & CEO of M&M.
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