Mumbai: Managing Director and CEO of Mahindra Group, Anish Shah throughout a press convention to announce firm’s Q2FY monetary outcomes, at Worli, in Mumbai, Friday, Nov. 10, 2023. (PTI Photo) (PTI11_10_2023_000188B)
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Mahindra & Mahindra Ltd. reported second quarter consolidated internet revenue declined 15% year-on-year (YoY) to ₹2,348 crore due to a drag in Tech Mahindra’s efficiency. The firm’s consolidated income for the quarter, nonetheless, grew 15% YoY to ₹34,436 crore.
On a standalone foundation, the corporate reported a 67% progress in second quarter internet revenue at ₹3,452 crore, led by sturdy efficiency of its auto enterprise.
“Mahindra & Mahindra Group delivered a robust operating performance across all businesses, except Tech Mahindra,” in accordance to a press release launched by the corporate. “Auto business has grown rapidly, farm business remains resilient despite tough market conditions and Growth Gems [six identified businesses with huge potential for growth] are on track. Tech Mahindra’s performance was impacted by weak demand and exits from non-core accounts,” it additional added.
Mahindra reported its highest-ever quarterly gross sales quantity at 212,078 items, up 18%. With SUV bookings at 286,000 items the corporate is working to minimise the ready interval.
Electric 3-wheeler volumes grew 74%. The farm enterprise reported flat progress with demand for tractors shrinking in the course of the quarter. Tractor market share was at 41.6%, up 150 bps. Tractor gross sales in the course of the quarter dropped 4% to 89,101 items.
Anish Shah, Managing Director & CEO, M&M Ltd. whereas addressing a press convention mentioned, “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 segment, Mahindra & Mahindra Financial Services Ltd.’s turnaround is on track to unlock its full potential. Growth Gems are progressing well on the 5x challenge. Tech Mahindra had a tough quarter, we are 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,” he mentioned.
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. mentioned, “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,” he mentioned.
Manoj Bhat, Group Chief Financial Officer, M&M Ltd. mentioned, “We have delivered strong H1 F24 operating performance with EPS at ₹52.4, up 18%. With focus on operational metrics and value creation through our capital allocation actions, we continue to deliver RoE greater than 18%.”
With ₹16,000 crore money in hand, the corporate mentioned it was assured to fund future progress. Having paid again ₹3,500 crore in direction of debt, the corporate is now gearing up to put extra investments into its electrical automobiles enterprise.
