BackM&M Q1 net profit rises 67%, records highest ever quarterly revenue for farm and auto segments
Mahindra and Mahindra (M&M) shares fell from highs after the Q1 results that came below estimates
PremiumMahindra and Mahindra (M&M) reported Q1 FY23 results on Friday in which its standalone net profit rose more than 67% to ₹1,430 crore as compared to ₹855 crore year-on-year (YoY). Its revenue also increased by 67% to ₹19,613 crore from ₹11,765 in the year-ago quarter.
The tractor manufacturer said that it record highest ever quarterly standalone revenue for Auto and Farm Segments during Q1 at ₹18,995 crore.
Its Farm Equipment Sector (FES) tractors market share for Q1 FY23 at 42.7%, uptick of 0.9% YoY. M&M said it continues to be number 1 in SUV Revenue Market Share (17.1%). FES achieved highest ever domestic quarterly volumes and exports, it added.
Further, auto delivered highest ever quarterly SUV (75.4k) and Pik-up (46k) volumes. M&M's operating margin during the quarter stood at 11.9%.
Farm equipment revenue increased by nearly 26% at ₹6,689 crore as compared to ₹5,319 crore in the samq quarter last yea YoY whereas automotive revenue rose at ₹12,306 crore from ₹6,050 (YoY).
Mahindra and Mahindra (M&M) shares fell from highs on the BSE with the auto stock trading over a per cent lower in the afternoon deals as the Q1 results came below estimates.
Rajesh Jejurikar, Executive Director, M&M Ltd, said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share. With 273k+ bookings, the demand for the automotive product portfolio remainsstrong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month."
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