Automobile major Mahindra & Mahindra (M&M) reported a standalone net profit of ₹1,549 crore in the quarter ended March 2023, registering a growth of 22.1% from ₹1,268 crore in the corresponding quarter of the previous year.
The company’s revenue from operations from Q4FY23 rose 31% to ₹22,571.4 crore from ₹17,237 crore, YoY.
During the quarter, standalone revenue of the automotive segment was up 35% to ₹16,400 crore, while standalone revenue of the farm equipment segment inceased 29% to ₹5,584 crore.
On the operational front, EBITDA increased 44.5% to ₹2,797.4 crore from ₹1,936 crore, while EBITDA margin improved by 120 bps to 12.4% from 11.2%, YoY.
For the full financial year 2022-2023, M&M posted an all-time high annual net profit of ₹10,282 crore, up 56%, driven by successful mega launches in automotive, steady growth at farm equipment, strong operating performance at financial services and value unlock through monetisation/partnerships, the company said.
“Secular revenue growth across the group along with strong operating leverage has helped us cross the milestone of ₹10,000 cr in profits. Our sharp focus on capital allocation, monetization and innovative partnerships continues to unlock value," said Manoj Bhat, Group Chief Financial Officer, M&M.
Operational profits improved significantly, as a result of volume growth, timely pricing actions, easing commodity inflation and stringent control over fixed costs.
“The response to new products has been very good with exciting new launches planned over the next 12 months. The efforts on cost management have led to consistent margin improvement," said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd.
M&M's board also recommended a dividend of ₹16.25 per share of the face value of ₹5 each.
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