M&M Q3 results: Profit jumps 34%; management commentary; key highlights

Mahindra & Mahindra Ltd on Wednesday said its consoldiated profit for the December quarter rose 34 per cent year-on-year to Rs 2,658 crore compared with  Rs 1984 crore in the same quarter last year. Revenue for the quarter, the SUV maker said, jumped 15 per cent YoY to Rs 35,299 crore compared with Rs 30,621 crore.

Rajesh Jejurikar, Executive Director & CEO for Auto and Farm Sector, M&M said that Q3 was  strong quarter for both Auto and Farm businesses.

"We were #1 in SUVs with revenue market share of 21 per cent in Q3 while further improving our Auto standalone PBIT margins. We increased tractor market share by 80 bps to 41.8% in Q3 even as the Tractor industry contracted on back of last year’s high base, weather vagaries and lower reservoir levels. Our E-3W business is maintaining its market leadership with Q3 market share of 54% and YTD market share of 59.5%.”

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Manoj Bhat, Group Chief Financial Officer, M&M Ltd. said his company continued to meet its objectives of 18 per cent return on equity (RoE) and value creation from capital allocation actions. December was a good quarter with multiple businesses showing growth momentum, he said.

Group commentary Managing Director & CEO at M&M Anish Shah said: “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. In Services, MMFSL had its lowest ever GS3 and credit costs are trending as per guidance. TechM is working through challenging operating results but I feel good that the right actions are being taken to turnaround its performance."

Shah said M&M continued its journey of unlocking value in growth gems with the listing of India’s largest renewable InvIT and partnerships with marquee investors.

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