Mahindra & Mahindra Sep quarter profit rises by 44%
NEW DELHI: Homegrown diversified group Mahindra & Mahindra on Friday reported 44% increase in consolidated profit at ₹2,773 crore for September quarter, boosted by robust sales across business verticals.
The group had logged a net profit of ₹1,929 crore in Julyseptember last fiscal year, Mahindra & Mahindra (M&M) said in a regulatory filing.
Revenue from operations during the quarter under review rose to ₹29,870 crore from ₹21,470 crore in the year-ago period, the auto major further added.
M&M, on a standalone basis, reported revenue of ₹20,839 crore in the second quarter, up 57% from ₹13,314 crore in the same period a year ago, the company said.
Profit after tax increased 46% to ₹2,090 crore in September quarter, as compared to the year-ago period.
The auto major said it sold a total of 1,74,098 vehicles in the second quarter, higher 75% from 99,334 units in September quarter 2021-22.
Tractor sales increased 5% to 92,590 units in September quarter 2022-23 as compared with 88,027 units in the year-ago period.
M&M Managing Director & CEO Anish Shah said the group’s robust financial results reflect the progress it has made in its strategic imperatives.
“While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued,” he added.
Elaborating further, M&M Executive Director Rajesh Jejurikar said, “It has been an actionpacked quarter with multiple product launches and new products across segments, in addition to partnership announcements with BII and Volkswagen.”