Mahindra & Mahindra's net profit jumps 57% to ₹1,987 crore

Automobile major Mahindra & Mahindra on Thursday reported a rise of 57 per cent in its Q3FY22 consolidated net profit on a year-on-year basis.

The net profit rose to Rs 1,987 crore during the quarter under review from Rs 1,268 crore in the corresponding period of the previous fiscal.

Besides, the consolidated revenues rose by 9 per cent to Rs 23,594 crore in Q3FY22 from Rs 21,626 crore earned during the third quarter of FY21.

On a standalone basis, the company's net profit rose by 155 per cent to Rs 1,353 crore during the period under review from Rs 531 crore in the corresponding quarter of the previous fiscal.

Furthermore, the revenues rose by 8 per cent to Rs 15,239 crore in Q3FY22 from Rs 14,057 crore earned during the third quarter of FY21.

"We have seen improved performance across multiple businesses as reflected in our consolidated performance," Managing Director & CEO Anish Shah said.

"Our auto business has done well despite supply side challenges while our farm business has shown market share increase despite a slowdown in the market."

Executive Director Rajesh Jejurikar said: "Demand for the entire automotive product portfolio remains strong. The order book for XUV 700 and Thar reflects the customer and market success of these new launches.

"With better availability of semi-conductors, we hope to build the volume growth momentum in Q4 F22...."

SEE ALSO: Online travel booking portal Cleartrip to increase its workforce by 400 by end of this year
RBI governor still has not thawed on ‘private’ cryptocurrencies — compares crypto hype to ‘tulip mania’