Mahindra Q2 Results. (Photo: Mahindra)
Mahindra & Mahindra says it witnessed sturdy efficiency throughout all companies besides Tech Mahindra which was impacted by weak demand and exits from non core accounts
Mahindra & Mahindra (M&M) on Friday reported a 6 per cent rise in its consolidated revenue after tax to Rs 2,348 crore within the second quarter ended September 2023. Its income throughout July-September 2023 grew 15 per cent 12 months-on-12 months to Rs 34,436 crore.
The Mumbai-headquartered firm had posted a PAT of Rs 2,209 crore within the July-September interval of final fiscal, M&M stated in an announcement.
The firm stated it witnessed sturdy efficiency throughout all companies besides Tech Mahindra which was impacted by weak demand and exits from non-core accounts.
During the second quarter, working efficiency throughout auto, farm and providers was sturdy. Auto quickly grew to double its working revenue. Farm continues to be resilient regardless of powerful market circumstances,” M&M Managing Director & CEO Anish Shah stated in a regulatory submitting.
Tech Mahindra had a troublesome quarter, the corporate is now initiating the transformation journey within the enterprise, he added.
In the automotive sector, the corporate stated its income grew 20 per cent 12 months-on-12 months to Rs 18,869 crore within the September quarter. “We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins,” M&M Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar stated.
In the tractor enterprise, the corporate elevated its market share by 150 foundation factors on the again of recent launches of Oja, Swaraj Target and Naya Swaraj, he added. In quantity phrases, the corporate stated it bought 2,12,078 autos within the quarter underneath overview, as in comparison with 1,79,673 autos within the 12 months-in the past interval, a progress of 18 per cent.
Tractor gross sales had been at 89,101 items within the quarter underneath overview, as in contrast with 92,590 items in the identical interval a 12 months in the past, down 4 per cent. On a standalone foundation, the corporate stated its PAT grew by 67 per cent to Rs 3,452 crore within the second quarter as in contrast with Rs 2,068 crore in the identical interval final 12 months.
Shares of the corporate had been buying and selling 1.84 per cent down at Rs 1,524.60 apiece on the BSE.
(With Agency Inputs)
