Mahindra Q1 Profit Surges 20% to Rs 3,283 Crore | Revenue Up 10%

Mumbai, Jul 31 (PTI) Mahindra & Mahindra on Wednesday posted a 20 per cent increase in its consolidated net profit at Rs 3,283 crore for the first quarter ended June 30, 2024.

The Mumbai-based company had reported a profit after tax of Rs 2,745 crore in the year-ago period.

Revenue rose 10 per cent year-on-year to Rs 37,218 crore as compared to Rs 33,892 crore in the June quarter of last fiscal, the company said in a regulatory filing.

"We have started the FY25 with strong operating performance across all our businesses. Capitalising on leadership positions, Auto and Farm continued to expand market share and profit margins," Mahindra & Mahindra Managing Director & CEO Anish Shah said.

"Transformation at (Mahindra & Mahindra Financial Services Limited) MMFSL is yielding results as asset quality improves and transformation at TechM has commenced with margins as a key focus," he added.

"With this momentum and relentless drive towards execution, we will continue to 'deliver scale' in FY25," Shah said.