Mahindra Q3 Profit Soars 34% to Rs 2,658 Cr | Revenue Up 15%

Mumbai, Feb 14 (PTI) Mahindra & Mahindra on Wednesday reported a 34 per cent increase in its consolidated profit after tax at Rs 2,658 crore for the third quarter ended December 31, 2023, driven by robust sales across verticals.

The auto major had reported a profit after tax of Rs 1,984 crore for the October-December quarter of the last financial year.

Revenue increased 15 per cent to Rs 35,299 crore for the period under review, as compared to Rs 30,621 crore in the year-ago period, Mahindra & Mahindra (M&M) said in a regulatory filing.

"Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions," M&M Managing Director & CEO Anish Shah said.

He further said: "TechM is working through challenging operating results but I feel good that the right actions are being taken to turnaround its performance."

The company continued the journey of unlocking value in its growth gems with the listing of India's largest renewable InvIT and partnerships with marquee investors, Shah said.

Shares of the company were trading 0.13 per cent higher at Rs 1,648.10 apiece on the BSE.