M&M Q2 PAT at Rs 2,090 crore up 46% Q2 Consolidated PAT at Rs 2,773 crore up 44%

Mumbai, November 11, 2022: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results of the Company and the consolidated Mahindra Group for the quarter and six months ended September 30, 2022.

Key financial results:

• Highest quarterly revenue and PAT for M&M on its own
• M&M’s operating margin at 12.0%
• Exports of both vehicles and tractors remain high

Automotive

• M&M remains SUV market leader for 3 consecutive quarters (market share by revenue)
• LCV 2-3.5T: Achieved 60% Market Share in Q2 F23 (up 10.8% YoY)
• E-3Ws: Achieved highest quarterly value at 10,625 units

Agricultural machinery

• The market share in the first half of the year was 41.5%: an increase of 0.5% y/y
• The second largest domestic volume in the 2nd quarter (~88 thousand tractors)
• The highest export in the 2nd quarter (4.6 thousand tractors)

Commenting on the Q2 FY23 results, Dr. Anish Shah, Managing Director and CEO of M&M Ltd said, “Our strong financial performance reflects the progress we have made in delivering on our strategic objectives. While the automotive segment leads the way in growth, we see stable performance in our group companies. Our journey to create value and provide capital for growth continued through the Susten-OTPP transaction and the BII transaction.”

Mr. Rajesh Jejurikar, Chief Executive, M&M Ltd said, “It was an eventful quarter with several product launches and new products across segments, in addition to partnership announcements with BII and Volkswagen. We recorded our highest quarterly revenue ever in the automotive and agricultural segments. In SUVs, we continue to be the market share leader. This year, holiday sales were strong in the automotive and agricultural sectors. With the launch of the XUV4OO and our Born Electric Vision, we are entering the electric SUV segment and aiming to take a leadership position in the future.”

Mr. Manoj Bhatt, Group Chief Financial Officer, M&M Ltd, said, “Our strong revenue growth, coupled with our focus on operational performance and cost management, has enabled us to record our highest standalone profits ever.”

SOURCE: Mahindra