M&M Q2 Result: Net profit jumps 67% to Rs 3,452 crore 

Mumbai-based auto major Mahindra & Mahindra reported a standalone net profit of Rs 3,452 crore, translating to a year-on-year growth of 67%, on the back of strong sales of SUVs. 

Standalone revenue for the second quarter of FY24 was Rs 25,773, resulting in an increase of 17% on a year-on-year basis. 

EBITDA in Q2 FY24 was Rs 4,397 crore, registering a 24% year-on-year growth. 

As per the company statement, revenues from SUVs jumped by 28%, with market share increasing to 19.9%, up by 90 basis points. 

Dr. Anish Shah, Managing Director and CEO, M&M Ltd. said, “During Q2, operating performance across Auto, Farm and Services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions. In Services, MMFSL had its lowest-ever GS3 and turnaround is on track to unlock its full potential. Growth Gems are progressing well on the 5x challenge. TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18%, we are well on our way to Deliver Scale by transforming our core businesses and realising the 5x challenge for growth gems.”

Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), M&M Ltd. said, “We delivered yet another robust performance in this quarter. We have maintained our SUV Revenue Market Share at 19.9% while further improving our Auto Standalone PBIT margins. In the tractor business, we increased our market share by 150 bps on the back of exciting new launches of Oja, Swaraj Target and Naya Swaraj. Our E-3W business continued market leadership with 61.1% market share.”

Manoj Bhat, Group Chief Financial Officer, M&M Ltd. said, “We have delivered strong H1 F24 operating performance with EPS at Rs 52.4, up 18%. With a focus on operational metrics and value creation through our capital allocation actions, we continue to deliver RoE greater than 18%.”