M&M Q3 Results: Revenue, Profit Jump By Nearly A Fifth On SUV, Tractor Sales

Unabating demand for SUVs continued to deliver the goods for Mahindra & Mahindra Ltd. in October-December 2024.

Net profit of India's largest SUV maker by revenue rose 19% year-on-year to Rs 2,964 crore in the quarter ended Dec. 31, on the back of revenue that increased 20% to Rs 30,538 crore. Analysts polled by Bloomberg pegged the topline at Rs 30,837.2 crore and the bottom-line at Rs 2,920.9 crore.

• Revenue up 20.3% at Rs 30,538.23 crore (Estimate: Rs 30,837.2 crore).

• Ebitda up 33% at Rs 4384.3 crore (Estimate: Rs 4,459.2 crore).

• Margin expands 137 basis points at 14.35% (Estimate: 14.5%).

• Net profit up 19% at Rs 2,964.3 crore (Estimate: Rs 2,920.9 crore).

One basis point is one-hundredth of a percentage point.

On a consolidated basis, net profit surged 20% year-on-year to Rs 3,181 crore, on the back of revenue that increased 17% to Rs 41,470 crore.

The performance came on the back of a surge in sales — quarterly sales rose 16% to 245,000 units. Of these, 142,000 units were SUVs. M&M has improved its SUV revenue market share by 200 basis points to 23%, underscoring its leadership status.

"Our businesses continue to demonstrate strength in execution. Auto and Farm delivered solid performance on market share and margins, on the back of focused execution," Mahindra Group CEO Anish Shah said.