Net profit of Mahindra & Mahindra Ltd sped 35% year-on-year to ₹3,171 crore for the quarter ended September compared with ₹2,348 crore in the corresponding period last year, aided by higher volumes of sport-utility vehicles (SUVs).
Revenue from operations of the automaker accelerated 10% year-on-year to ₹37,689 crore.
Revenue from auto business stood at ₹21,755 crore, up 15% while profit increased 40% to ₹1,423 crore. The company’s SUV capacity stood at 54,000, up 10% from FY24 exit.
M&M reported highest ever quarterly volumes at 231,000, up 9% and highest ever quarterly SUV volumes at 136,000. The company’s SUV volumes jumped 18% during the second quarter.
“Our businesses have delivered a solid operating performance this quarter. Auto and Farm continued to strengthen market leadership by gaining market share and expanding margins. MMFSL GS3 remained under 4% (at 3.8%) and end losses have improved structurally. TechM delivered a good quarter and the long-term focus remains on reverting to past profitability. Our growth gems are progressing well on the 5x challenge,” says Anish Shah, managing director and CEO M&M.
Revenue from Farm business fell 2% year-on-year to ₹8,194 crore during the second quarter. Profit was flat at ₹800 crore due to macro headwinds in international farm markets.
“In Q2 FY25, we gained market share across both our Auto and Tractor businesses. SUV volumes increased by 18% YoY, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches. Volume market share for LCVs <3.5T stands at 52.3%, a rise of 260 bps YoY. The auto standalone PBIT margin was 9.5%, a gain of 140 bps YoY (excl. PY gain on LMM transfer). In our tractor business, we achieved our highest-ever Q2 market share at 42.5%, with standalone margins up by 150 bps YoY,” says Rajesh Jejurikar, executive director and CEO (Auto and Farm Sector), M&M.
Consolidated services revenue rose 12% to ₹9,010 crore.
“While the Auto and Farm segments continue to deliver the strong performance we have come to expect of them, this quarter also reflected the strength of our Services portfolio. This has been the trend through H1 F25 and we expect it to continue for the rest of the year in line with our strategy,” says Amarjyoti Barua, group chief financial officer, M&M.
Tech Mahindra EBIT margin improved by 490 basis points. Mahindra Lifespaces residential pre-sales fell 13% to ₹379 crore. Club Mahindra total income up 12% to ₹371 crore. Mahindra Logistics reported revenue of ₹1,521 crore, up 11%.
