Mahindra & Mahindra Ltd.'s consolidated profit rose 25% year on year in the September quarter, supported by growth in its automotive business, particularly SUVs. The standalone automotive business offset weaker performance in farm equipment, although higher commodity costs weighed on operating profitability.
Consolidated profit increased to Rs 4,588 crore, while revenue rose 25% to Rs 57,553 crore, according to the company's notification to the exchanges on Thursday. On a standalone basis, net profit increased 12.9% to Rs 5,102 crore, beating analyst estimates, while revenue rose 27.1% to Rs 42,477 crore.
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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%).
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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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