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Mahindra 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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