Mahindra & Mahindra Ltd. (M&M) announced robust financial results for the quarter ending 30th September 2024, with consolidated revenue reaching Rs 37,924 crore, up 10% year-on-year. The company’s Profit After Tax (PAT) surged by 35% to Rs 3,171 crore, driven by stellar performances in the Auto and Farm segments, alongside notable gains in the Services sector.
M&M’s Auto segment delivered its highest-ever quarterly volumes at 231,000 vehicles, including record SUV volumes of 136,000, marking a 9% year-on-year increase. The recently launched Thar Roxx bolstered demand, while capacity for SUV production rose by 10% from FY24. Auto’s standalone Profit Before Interest and Tax (PBIT) grew by 34% to Rs 2,006 crore, with consolidated revenue increasing 15% to Rs 21,755 crore.
The Farm segment also performed strongly, achieving its highest Q2 market share of 42.5%, with tractor volumes up by 4%. However, international headwinds slightly impacted overall Farm revenue, which declined by 2% to Rs 8,194 crore. Farm standalone PBIT grew by 20% to Rs 1,136 crore, with margins improving by 150 basis points.
M&M’s Services sector, comprising financial services, logistics, and Tech Mahindra, showed consistent growth. Mahindra Finance’s AUM grew by 20%, while Tech Mahindra saw a 490-basis-point improvement in EBIT margin. Mahindra Lifespaces reported residential pre-sales of Rs 397 crore, down 13%, while Mahindra Logistics and Club Mahindra income grew by 11% and 12%, respectively.
Dr. Anish Shah, Managing Director & CEO of M&M, commended the company’s broad-based growth, saying, “Our businesses have delivered a solid operating performance this quarter. Auto and Farm continued to strengthen market leadership, while the Services portfolio demonstrated resilience and strategic growth.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm), highlighted strong market share gains, with SUV volume market share rising by 190 basis points year-on-year. “In our tractor business, we achieved our highest-ever Q2 market share of 42.5%, reinforcing our leadership,” he added.
With solid financials and strategic market expansions, M&M anticipates continued growth across its diverse portfolio for the remainder of FY25.
