Mahindra & Mahindra said its Q3 revenues for the third quarter of the current fiscal were 8 percent higher than in the year-earlier quarter. Its Q3 revenues were Rs 15,239 crore as against Rs 14,057 crore in Q3 in the year-earlier period.
In the auto sector, the company’s leadership said that the XUV 700 launch had received an overwhelmimg response with over 100,000 bookings in 4 months. The company has reiterated that that the auto business continues to register strong booking pipeline for its key models. On the exports front, the volume growth was 58.3 percent YOY.
During Q3, the company lost 20,000 units of production due to the on-going semiconductor shortage which has affected all players in the auto sector. However, Mahindra & Mahindra has been working on alternative sources for the IC (an integral part of the ECU) and has in place a strategy to ensure that it is able to meet its requirements. Company officials said that sourcing from the open markets is part of its strategy but cautioned that time would be spent in ensuring validation. However, the company has seen its semiconductor scene show an improvement in February and anticipates no loss in production in Q4.
On the Farm Equipment Sector, the company’s market share for tractors in Q3 F22 was 39.4 percent, up 1.4 percent YOY. Its farm export volume was the highest ever in YTD December, up 77.4 percent. The company’s farm subsidiaries recorded its 6 the consecutive quarter of Positive PBIT. In the three-wheeler electric domain, the company was its highest ever quarterly billing, up 170.2 percent YOY