Mahindra & Mahindra Reports 32% Growth In Q4 Revenue


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 The Board of Directors of Mahindra & Mahindra Limited approved the financial results for the quarter ended 31st March 2021 of the Company and the consolidated Mahindra Group.

Highlights of the financial results are:

  1. Operating margin improved to 14.7% compared to 13.6% in the corresponding quarter previous year despite a significant strengthening in commodity prices
  2. Capital allocation actions resulted in a significant decline in Exceptional losses … from Rs (3,578) cr. in Q4FY20 to Rs (840) cr. in Q4FY21.
  3. Operating Cash Generated for FY21 up 119% at Rs 10,022 cr… driven by improved profitability and robust working capital management.


  • Overall demand remained robust for the Company’s products in Q4FY21. However, the global shortage of semi-conductors impacted the production & sales for the quarter.
  • Thar has crossed bookings of 55,000 vehicles since its launch
    • Tested to be India’s safest off-roader with a four-star rating.
    • It has won accolades from customers and nineteen awards.
  • XUV300 has also seen a strong demand with 90% growth in bookings in H2FY21 over H2FY20
  • Bolero, Scorpio had strong sales of over 10000 sales per month during Q4FY21
  • The Automotive Sector continued its focus on cost optimization and reduced its fixed expenses by over Rs 900 crores over the last two years & hence keeping its margin resilience even under challenging times.
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Farm Equipment

  • Strong performance despite supply chain and commodity challenges:
    • Tractor volumes up 58% and revenue up 60%
    • PBIT for Q4FY21 at Rs 1095 crores – a growth of 100% yoy
    • PBIT margin for Q4F21 increased to 22.0% from 17.6% in Q4FY20
  • Subsidiaries of the Farm Equipment sector registered positive PBIT for the third consecutive quarter with a turn around in its international operations

Commenting on FY21 performance Dr. Anish Shah, Managing Director & CEO, M&M Ltd, said, “Our associates deserve all the credit for an outstanding performance in a tough year. Our primary focus has been “people first”, keeping our associates and our communities safe. We have delivered our promise on capital allocation actions and have seen very positive results. We are now focused on growth … across our core businesses, growth gems and digital platforms”.

Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, “Our approach of Walk-Run-Fly has delivered strong financial returns in FY21 .The strong margins and turnaround of global subsidiaries in FES along with a robust automotive demand momentum through the focused SUV strategy has set the ground for us to now accelerate to fly . New products and technologies , farm machinery opportunity , Krishe and cost management sets us up for a bold , aggressive growth trajectory “

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Mr. Manoj Bhat, Chief Financial Officer, M&M Ltd, said, “ Our journey towards our goals of streamlining capital allocation and delivering superior returns has begun well. We are delighted by the robust operating cashflow in a year which saw the impact of the pandemic as well as multiple supply side challenges.”

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