M&M Q3 Results: Profit Jumps 61% As SUV Sales Surge To Highest Ever

Net profit of the Mumbai-based automaker rose 60.6% year-on-year to Rs 2,454 crore, on the back of revenue that grew 16% to Rs 25,642.4 crore in the three months ended Dec. 31.

Mahindra & Mahindra's sports utility vehicle Scorpio-N has received zero safety rating from ANCAP (Photo source: Mahindra & Mahindra/Facebook)

Mahindra & Mahindra Ltd.'s income increased in the third quarter of fiscal 2024, even as earnings met estimates.

Other Key Highlights

  • ⁠Highest ever Q3 volumes at 211,000, up 20% YoY

  • ⁠Highest ever utility-vehicle volumes at 119,000

  • ⁠Open bookings of SUVs at 226,000, as on Feb. 1

  • At 21%, M&M enjoys highest revenue market share in SUV segment

  • ⁠M&M’s LCV market share at 49.6%, up 310 bps year-on-year

  • ⁠In tractors, M&M’s market share was at 41.8% in Q3, up 80 bps YoY

  • M&M's electric three-wheeler volumes rose 54% YoY

  • M&M is the market leader in E3W with 54% market share

M&M Group Highlights

  • Mahindra Lifespaces clocks residential pre-sales of Rs 433 crore

  • Club Mahindra’s total income up 8% year-on-year at Rs 363 crore

  • Mahindra Logistics revenue up 5% year-on-year at Rs 1,397 crore

  • India’s largest renewables InvIT listing completed in Jan. 24

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WRITTEN BY
Tushar Deep Singh
Tushar Deep Singh is a Mumbai-based business journalist reporting on India'... more
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