Mumbai-based automotive giant Mahindra & Mahindra (M&M) reported a 6% growth in its consolidated profit after tax to Rs 2,348 crore for the September quarter of the fiscal year 2023-24. This is compared to a PAT of Rs 2,209 crore in the same period last year, the company revealed in a statement.
Furthermore, M&M saw a 15% increase in revenue year-on-year, reaching Rs 34,436 crore in the second quarter. The company highlighted strong performance across all its businesses except for Tech Mahindra, which was impacted weak demand and exits from non-core accounts.
Anish Shah, the Managing Director & CEO of M&M, commented on the robust performance in the auto, farm, and services sectors. In the automotive division, revenue grew 20% to Rs 18,869 crore, while the tractor business also saw an increase in market share.
The company reported selling 2,12,078 vehicles in the quarter, marking an 18% increase compared to the same period last year. Meanwhile, tractor sales were at 89,101 units, experiencing a 4% decrease. On a standalone basis, M&M’s PAT grew 67% to Rs 3,452 crore in the second quarter.
Despite the positive financial results, the company’s shares were trading 1.84% down at Rs 1,524.60 apiece on the BSE. This comes as Tech Mahindra initiated a transformation journey to improve its business performance in response to a challenging quarter.