The Board of Directors of Mahindra & Mahindra Limited on Friday approved the financial results for the quarter ended 30th June 2023 of the Company and the consolidated Mahindra Group, the company announced through an exchange filing.
Key Highlights
Mahindra & Mahindra Limited delivered Q1 performance with Net profit of Rs 3,508 crore, up by 60 percent. Operating leverage drove improvement in profits by 2.2x in Auto, 58 percent in MMFSL and 21 percent in Farm. This coupled with capital allocation actions and monetisation’s resulted in significant step up in Group’s profitability.
Automotive
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i) Highest ever Q1 volumes at 186k, up 21 percent. Open bookings of SUVs at 281k+ (as on 1st August’23), reflecting continued strong automotive demand.
ii) Launch of all new Bolero Maxx Pik-up range with iMaxx technology and segment first features.
iii) Standalone PBIT at Rs 1,252 crore, up by 86 percent and PBIT margin 7.5 percent, up by 220 bps.
iv) Consolidated PAT at Rs 1401 crore, up by 203 percent including KG Mobility (SYMC) re-listing gain of Rs 405 crore and consolidated Revenue at Rs 16,999 crore, up by 27 percent.
Farm Equipment
i) Second highest quarterly volume at 114k. Farm machinery revenue at Rs 181 crore, up by 24 percent; No 2 in Rotavators market share estimated at 23.5 percent.
ii) Standalone PBIT at Rs 1,303 crore, up 16 percent and PBIT margin 17.5 percent, up 160 bps . Consolidated PAT at Rs 1,198 crore, up 21 percent and consolidated Revenue Rs 9,710 crore, up 9 percent.
Services
i) MMFSL AUM up 28 percent, PAT up by 58 percent and GS3 at 4.3 percent improved by 370 bps.
ii) TechM revenue up by 4 percent; one off provision and lower revenue impacting margins, initiated turnaround.
iii) Consolidated PAT at Rs 909 crore, up by 23 percent. Consolidated Revenue at Rs 8,044 crore, up by 15 percent.
“During Q1, our businesses across Auto, Farm and Services delivered a strong performance. Auto led the way by strengthening its market leadership position and doubling its operating profit. Farm continues to increase market share quarter on quarter and deliver a double-digit profit improvements. In Services, MMFSL is on track to realise its full potential and transformation is underway at TechM. With this momentum, we are well on our way to Deliver Scale by transforming our core businesses and a 5x challenge for growth gems,” said Dr. Anish Shah, Managing Director & CEO, M&M Ltd.
