Tue, 26 Sep 2023

Mumbai (Maharashtra) [India], May 27 (ANI): Mahindra and Mahindra posted a surge of 18 per cent in its net profit to Rs 2,637 crore for the quarter ended March 31, 2023, against Rs 2,237 crore in the year-ago period.

Mahindra and Mahindra posted an all-time high record annual net profit of Rs 10,282 crore, up 56 per cent.

According to a company's statement shared with stock exchanges, the growth "was driven by successful mega launches in Automotive, steady growth at farm equipment, strong operating performance at financial services and value unlock through monetization and partnerships".

Revenue for the fourth quarter came at Rs 32,366 crore, up 25 per cent from Rs 25,934 crore in the same quarter of the previous fiscal.

According to the statement released on Friday evening, the company's Automotive business had its highest-ever volumes at 698,000 during FY23 which was up 50 per cent year-on-year.

It also said it was No 1 in SUVs' revenue market share with Q4 share at 19.6 per cent. The company mentioned it had launched new Bolero Maxx Pik-up range with iMaxx technology and segment-first features. It also said it had its highest-ever electric three-wheelers' (E-3Ws) volumes at 14,700 in the fourth quarter of FY23.

MM managing director and chief executive officer Anish Shah said, "It has been a blockbuster year for the group. Auto led the way with record-breaking launches, as we regained the No 1 position for SUV revenue market share. LCVs, Farm equipment, and electric 3-wheelers continue to strengthen our leadership position. Amongst the group companies, MMFSL turnaround is clearly visible with record disbursement and improved asset quality.""Our growth gems continue to execute on their scale-up strategy. We are very well positioned for the future, based on a strong presence in key industries, leadership in technology and a growth mindset, coupled with fiscal discipline," Shah added.

In the Farm Equipment business, Mahindra said it had its highest-ever volume at 404,000 in 2022-23, which was up 15 per cent.

During the fourth quarter, the company said its market share was at 40.7 per cent, the highest Q4 market share in the last 12 years. The farm machinery was scaled up for quantum growth, with revenue for FY23 going up 38 per cent.

MM executive director, Rajesh Jejurikar said, "We are excited about the market momentum in both the auto and farm equipment segments and about crossing the milestone of 1.1 million vehicles in FY23." (ANI)

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