Mahindra & Mahindra Q2 PAT Jumps 35% to Rs 3,171 cr

Mumbai, Nov 7 (PTI) Mahindra & Mahindra Ltd on Thursday reported a 35 per cent on-year growth in consolidated Profit After Tax (PAT) at Rs 3,171-crore in three months to September.

The company had posted a consolidated PAT of Rs 2,348 crore in the second quarter of FY'24.

Consolidated revenue for the September quarter was at Rs 37,924 crore, up 10 per cent from Rs 34,436 crore in the corresponding quarter a year ago, the company said in a statement.

"Our businesses have delivered a solid operating performance this quarter. Auto and farm continued to strengthen market leadership by gaining market share and expanding margins," said Anish Shah, Managing Director & CEO at M&M Ltd.

Shah further noted "M&M Financial Services Ltd (MMFSL) GS3 remained under 4 per cent and end losses have improved structurally. Tech Mahindra delivered a good quarter and the long-term focus remains on reverting to past profitability."

Auto and farm segment delivered robust operating results with profits during the quarter under review growing at 23 per cent, it said, adding that auto consolidated revenue for the quarter stood at Rs 21,755 crore up 15 per cent year-on-year, while auto consolidated PAT was recorded at Rs 1,423 crore, growing 40 per cent year-on-year.

The company said in the auto segment it delivered the highest-ever quarterly volumes at 2.31 lakh, up 9 per cent year-on-year, while the utility vehicle volumes were also the highest-ever during the quarter at 1.36 lakh.

In the farm sector, the September quarter saw the company delivering the highest-ever Q2 market share at 42.5 per cent, while the volumes grew 4 per cent year-on-year at 92,000.

The farm machinery Q2 revenue stood at Rs 253 crore, up 14 per cent over the same quarter year earlier, it said.

Farm consolidated revenue, however, dropped 2 per cent year-on-year to Rs 8,194 crore, while the farm consolidated PAT stood at Rs 800 crore, seeing a flat growth due to macro headwinds in international farm markets, the company said.

"In Q2 FY25, we gained market share across both our auto and tractor businesses. SUV volumes increased by 18 per cent YoY, maintaining leadership in revenue market share, with an increase of 190 basis points YoY on the back of two successful launches," said Rajesh Jejurikar, Executive Director (Auto and Farm sector) at M&M Ltd.