Mahindra and Mahindra Ltd reported a 34 per cent rise in its consolidated net profit to ₹2,658 crore for the December quarter compared with ₹1,984 crore in the same quarter last year (excluding previous-year exceptional gains on Susten and trucks impairment). Including these previous-year gains, net profit dipped 1 per cent compared with ₹2,676 crore clocked last year during the same period. 

The company reported a 13 per cent increase in profit sequentially from ₹2,347 crore reported in the July-September period. 

Revenue from operations grew 15 per cent to ₹35,218 crore in the quarter (₹30,620 crore). Revenue from operations grew 2.7 per cent from ₹34,281 crore during the September quarter. 

The company stated that its SUV market share revenue was at 21 per cent and expects the segment to grow to mid to high teens. It witnessed cancellations of 10 per cent in November and December, which decreased to 8 per cent in January.

“Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. The farm has gained market share despite tough market conditions. In Services, MMFSL had its lowest-ever GS3 and credit costs are trending as per guidance. TechM is working through challenging operating results, but I feel good that the right actions are being taken to turn around its performance. We continued the journey of unlocking value in our growth gems with the listing of India’s largest renewable InvIT and partnerships with marquee investors,” said Dr Anish Shah, Managing Director & CEO of M&M Ltd.

The company further stated that it will start selling its electric vehicles (EVs) from its born EV platform in 2025. 

The Red Sea crisis has not impacted the company majorly, but it has faced a delay of two-four weeks in export of its products to the US market.

M&M further pointed out that it will build its Classic Legends brand with the received investment. 

Farm equipment

The farm division saw a decrease in volume by 4.1 per cent year on year. The farm machine business saw a 30 per cent YTD growth. 

“We are seeing real stress in the western and southern States. North India markets have seen growth. Rainfall dispersion has not been good last year. The Ojha brand has products with less than 30 horsepower and has grown from 46 per cent to 53 per cent. We further expect the tractor industry to be more negative than what we anticipated,” said Rajesh Jejurikar, Executive Director & CEO, Auto & Farm Sector of M&M Ltd.