Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

Mumbai, Mahindra & Mahindra (M&M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&M said in a statement.

Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added.

The company said it witnessed robust performance across all businesses except Tech Mahindra which was impacted by weak demand and exits from non core accounts.

"During second quarter, 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 conditions," M&M Managing Director & CEO Anish Shah said in a regulatory filing.

Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added.

In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter.

"We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&M Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar said.

In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added.

In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent.

Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent.

On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year.

Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.