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Mahindra & Mahindra (M&M), the Mumbai-based tractor and SUV specialist, swung back into the black in the June quarter supported by a healthy rise in revenues despite production-related challenges due to semiconductor shortages.
The company’s consolidated net profit for the quarter stood at ₹2,360.70 crore, while for the same quarter last year there was a net loss of ₹331.74 crore.
Consolidated revenue from operations grew 48 per cent to ₹28,412.38 crore during the June quarter as against ₹19,171.91 crore posted in the same quarter last year. The auto and farm segments recorded their highest-ever quarterly standalone revenue during the quarter. Financials of 220 entities were included in the consolidated performance.
In total, vehicle volumes climbed 74 per cent to 149,803 units while tractor volumes grew 18 per cent to 117,413 units during the June quarter. The company’s domestic tractor volumes were at its highest level ever, while the SUV volumes were also the highest for any quarter.
On the back of some cost cutting measures and price hikes across the portfolio, M&M was able to close the June quarter with a operating margin of 11.9 per cent.
Rajesh Jejurikar, Executive Director, M&M said, “M&M continues to maintain its No..1 position in SUV revenue market share, while farm equipment segment strengthened its leadership position with 42.7 per cent tractor market share. With more than 2,73,000 bookings, the demand for the automotive product portfolio remains strong.”
At the standalone level, the company recorded 67 per cent growth in net profit to ₹1,430.16 crore during the June quarter, as against ₹856.67 crore posted in the same quarter last year.
Revenue from operations at the stand-alone level stood at ₹19,612.64 crore, an increase of 67 per cent as against ₹11,764.82 crore posted in the same quarter last year.
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