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Business News/ Companies / Company Results/  M&M Q2 Results: Net profit jumps 67% to 3,452 crore; revenue rises 16% YoY
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M&M Q2 Results: Net profit jumps 67% to ₹3,452 crore; revenue rises 16% YoY

Mahindra & Mahindra's automotive segment witnessed a decent revenue growth of 22% on-year at ₹18,405.46 crore during the quarter under review. The segment’s profit jumped 88% to ₹1,662.35 crore from ₹883.11 crore, YoY.

M&M's auto segment recorded highest ever quarterly volumes at 212,078 units, up 18%.Premium
M&M's auto segment recorded highest ever quarterly volumes at 212,078 units, up 18%.

Mahindra & Mahindra on Friday reported a standalone net profit of 3,451.88 crore in the second quarter of FY24, registering a sharp growth of 66.9% from 2,068 crore in the corresponding quarter of last fiscal.

The automobile major’s standalone revenue from operations in Q2FY24 rose 15.7% to 24,309.89 crore from 21,010.13 crore, YoY.

At the operating level, earnings before interest, tax, depreciation and amortization (EBITDA) during the quarter ended September 2023 rose 20% to 2,935 crore from 2,443 crore, while EBITDA margin improved to 12.1% from 11.6%, YoY.

Also Read: Auto Sales: 26.21 lakh vehicles sold in October 2023, highest ever sales in the month for PVs, says SIAM

On a consolidated basis, M&M’s revenue increased 15% YoY to 34,436 crore, while net profit rose 6% YoY to 2,348 crore.

“During Q2, operating performance across Auto, Farm and Services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions. With H1 PAT growth of 18%, we are well on our way to Deliver Scale by transforming our core businesses and realizing the 5x challenge for growth gems," said Anish Shah, Managing Director & CEO, M&M Ltd.

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Automotive Segment

The automotive segment witnessed a decent revenue growth of 22% on-year at 18,405.46 crore during the quarter under review. The segment’s profit jumped 88% to 1,662.35 crore from 883.11 crore, YoY.

The auto segment recorded highest ever quarterly volumes at 212,078 units, up 18%.

M&M’s SUV revenue increased 28% in Q2FY24. SUV revenue market share rose by 90 basis points (bps) to 19.9%. 

Also Read: Ashok Leyland to infuse 1,200 cr in Switch Mobility

Farm Equipment Segment

The farm equipment segment performance was muted as its revenue fell 0.4% YoY to 5,919.50 crore. The segment’s profit also dropped 2.3% YoY to 946.36 crore.

Tractor market share rose 150 bps to 41.6%, its highest Q2 market share in a decade.

“We have delivered strong H1 F24 operating performance with EPS at 52.4, up 18%. With focus on operational metrics and value creation through our capital allocation actions, we continue to deliver RoE greater than 18%," said Manoj Bhat, Group Chief Financial Officer, M&M Ltd.

At 1:10 pm, M&M shares were trading 1.81% lower at 1,525.00 apiece on the BSE.

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Published: 10 Nov 2023, 12:46 PM IST
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