M&M Q2 results: Standalone profit jumps 67% to Rs 3,452 crore; sales up 17%

Mahindra & Mahindra Ltd (M&M) on Friday said its standalone profit after tax (PAT) grew 67 per cent year-on-year (YoY) to Rs 3,452 crore for the September quarter compared with Rs 2,068 crore in the corresponding quarter last year. Revenue for the quarter jumped 17 per cent to Rs 25,773 crore from Rs 22,105 crore in the same quarter last year, Ebitda, the company said, rose 24 per cent to Rs 4,397 crore from Rs 3,539 crore. PBIT margin for the quarter at 7.9 per cent was up 200 basis points YoY.

M&M said it logged the highest ever quarterly volumes at 2,12,000 in the September quarter, up 18 per cent. The open bookings of SUVs stood at 2,86,000 as on November 1, reflecting continued strong demand. M&M said its electric three-wheelers logged a volume growth of 74 per cent.

On consolidated basis, profit fell 15 per cent YoY to Rs 2,348 crore from Rs 2,773 crore on 15 per cent drop in consolidated sales at Rs 34,436 crore from Rs 29,871 crore. Excluding Swaraj Engines Ltd and SEL's revaluation gains, consolidated PAT came in at Rs 2,348 crore up 6 per cent.

Managing Director & CEO M&M said: “During Q2, operating performance across Auto, Farm and Services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market condition. In Services, MMFSL had its lowest ever GS3 and turnaround is on track to unlock its full potential. Growth Gems are progressing well on the 5x challenge. TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18 per cent, we are well on our way to deliver scale by transforming our core businesses and realizing the 5x challenge for growth gems.”

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