Mahindra's Q3 net profit jumps 61% YoY to Rs. 2,454cr
Mahindra and Mahindra (M&M) saw a 61% YoY increase in standalone net profit for the quarter ended December 31, reaching at Rs. 2,454 crore. In the last quarter, the profit was Rs. 1,528 crore. M&M's CEO Anish Shah stated, "Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and has grown rapidly to double its profit."
Mahindra's Q3 auto sales at record high
M&M's auto division reached its highest-ever volumes in Q3 at 211,000 units, a 20% YoY increase, with record SUVs sold (119,000 units). On February 1, M&M's bookings for SUVs stood at 226,000. The standalone profit before interest and tax (PBIT) for the auto segment rose 56% YoY to Rs. 1,533 crore. In the farm business, the tractor market share increased by 80 basis points to 41.8% and farm machinery revenue grew by 28% YoY to Rs. 221 crore.
Tech Mahindra's revenue fell by 5%
In the services sector, Mahindra Financial Services's assets under management (AUM) grew by 25% in the reported third quarter. However, profit after tax (PAT) decreased by 12% due to writeback in the previous year. Tech Mahindra's revenue fell by 5% and PAT dropped by 61% in the December quarter because of lower deal closures and a muted demand cycle.
Mahindra's Q3 growth in real estate and logistics
In Q3 FY23, Mahindra Lifespaces reported residential pre-sales of Rs. 433 crore with a PAT growth of 51%. Meanwhile, Mahindra Logistics's revenue increased by 5% YoY to Rs. 1,397 crore. Today, M&M shares closed at Rs. 1,657.05, which is 0.62% higher than yesterday.
