Mahindra & Mahindra Ltd.'s September-quarter standalone profit rose 12.9% year on year, beating analyst estimates, as strong growth in its automotive business offset weaker performance in farm equipment.
Revenue increased 27.1%, supported by higher vehicle volumes, particularly in SUVs. However, operating profitability remained under pressure from higher commodity costs, with Ebitda margin contracting to 11.6% from 14.4% a year earlier, according to its notification to the exchanges on Thursday.
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M&M (Q2, Standalone YoY)
- Net profit up 12.9% to Rs 5,102 crore versus Rs 4,521 crore (Bloomberg estimate: Rs 4,545 crore).
- Revenue up 27.1% to Rs 42,477 crore versus Rs 33,422 crore (Estimate: Rs 41,332 crore).
- Ebitda up 2.1% to Rs 4,912 crore versus Rs 4,810 crore (Estimate: Rs 5,015 crore).
- Ebitda margin at 11.6% versus 14.4% (Estimate: 12%).
On a consolidated basis, its profit rose Rs 4,588 crore, up 25% from the year ago period.
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Automotive Leads Growth
M&M's automotive business drove revenue growth during the quarter. Revenue increased 36% year on year to Rs 33,937 crore.
SUV volumes grew 25% year on year, reflecting demand for the company's utility vehicle portfolio. M&M sold 3.31 lakh vehicles during the quarter, an increase of 26% from a year earlier, according to its separate statement.
Tractor Business Under Pressure
M&M's farm equipment business reported a 1% year-on-year increase in revenue to Rs 8,594 crore.
Tractor volumes fell 6% year on year to 1.16 lakh units. M&M attributed part of the decline to a shift in the festive calendar.
M&M now expects the tractor industry to grow at a mid-single-digit pace in FY27.
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