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Business News/ News / India/  M&M Q3 net profit misses estimates, rises 14% to 1,528 crore; shares fall
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M&M Q3 net profit misses estimates, rises 14% to ₹1,528 crore; shares fall

Mahindra and Mahindra Ltd reported a smaller-than-expected rise in third-quarter profit on Friday

An employee walks past a Mahindra TUV300 car at a showroom in Mumbai. (REUTERS)Premium
An employee walks past a Mahindra TUV300 car at a showroom in Mumbai. (REUTERS)

Homegrown auto major Mahindra and Mahindra (M&M) reported a standalone net profit of 1,528 crore crore during the third quarter ended December 2022, up 14% as compared to 1,335 crore year-on-year (YoY). Analysts were expecting a profit of 1,761 crore, according to Refinitiv IBES data. Shares of M&M fell from day's high to trade 0.3% lower at 1,367 apiece on the BSE in afternoon deals after the results announcement.

The company posted an exceptional loss of 629 crore in Q3 FY23 as against an exceptional loss of 248 crore in the previous quarter, however, it had no such loss in the year ago quarter i.e., Q3 FY22.

Meanwhile, the firm's revenue from operations rose 41% year-on-year (YoY) to 21,654 crore in the October-December 2022 as compared to 15,349 crore in the same quarter of the last year. Its total expenses rose to 19,737 crore as against 14,245 crore a year-ago.

Mahindra and Mahindra said that its auto and farm business achieved highest ever Q3 volumes and farm market share during the quarter under review stood at 41% (gain of 160 bps from previous year).

Further, it highlighted that the firm continues to remain No 1 in SUV Revenue Market Share (20.6%) in Q3 F23 with the open bookings of SUV at 266k+ (as on 1st February 2023), reflecting continued strong automotive demand.

Anish Shah, Managing Director & CEO, M&M Ltd, said, “We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns."

Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said that the company's operating margins improved by 130 basis points YoY led by operating efficiencies and our focus on fiscal discipline and recorded its highest ever quarterly group revenue reflecting strong growth across businesses.

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Published: 10 Feb 2023, 01:03 PM IST
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