Mahindra & Mahindra Ltd. (M&M) reported fourth-quarter consolidated internet profit grew 4% YoY to ₹2,754 crore, weighed down by weaker profitability at Tech Mahindra.
Consolidated income grew 9% to ₹35,452 crore. Net profit grew 10% in FY24 to ₹11,269 crore and income rose 15% to ₹1,39,078 crore.
“It has been an excellent year with most of our businesses delivering high level of performance,” mentioned MD & CEO Anish Shah. “Auto continued its high growth trajectory, farm gained share in a tough market and Mahindra Finance delivered on asset quality. Tech Mahindra was a weak spot, the turnaround has commenced with the new organisation in place,” Mr. Shah added.
The auto phase posted FY24 profit development of 64% at ₹10,718 crore as income grew 17% to ₹1,01,219 crore.
SUV push
M&M introduced plans to make investments ₹37,000 crore within the subsequent three years on new fashions, with ₹27,000 crore to be invested within the auto enterprise: ₹14,000 crore for ICE autos and ₹12,000 crore for EVs.
By 2030, M&M goals to introduce 9 ICE and 7 EV SUVs and one other seven LCVs. Production was being ramped up from 49,000 items a month in FY24 to 64,000 items a month in FY25 and 72,000 items a month in FY26.
In FY24 the agency offered 8,24,939 autos, up 18%. But tractor gross sales have been down 7% to 3,74,955 items.
The board has declared a dividend of ₹21.10 per fairness share with face worth of ₹5.
