Mahindra & Mahindra (M&M) on Friday logged a 14 per cent rise in its revenue after tax (PAT) to Rs 1,528 crore for the third quarter (Q3) ended December 2022, pushed by sturdy gross sales. The Mumbai-based automaker had reported a internet revenue of Rs 1,335 crore for the October-December interval of the earlier fiscal 12 months.
M&M income surged 41 per cent to Rs 21,654 crore for the third quarter in comparison with Rs 15,349 crore within the year-ago interval.
The corporate mentioned it has bought a complete of 1,76,094 autos in the course of the interval below evaluate, up 45 per cent from 1,21,167 items a 12 months in the past. Tractor gross sales rose 14 per cent to 1,04,850 items within the third quarter towards 91,769 items in the identical quarter of the final fiscal 12 months.
“We have now had one other sturdy quarter led by the sturdy efficiency of our Auto division. Our farm division additionally reported wholesome development with elevated market share. Our capital allocation actions are persevering with to point out outcomes and we stay dedicated to our journey of development and returns,” M&M Managing Director and CEO Anish Shah mentioned.
M&M Govt Director Rajesh Jejurikar famous that the corporate’s efforts in the direction of creating segment-leading merchandise and enhancing operational efficiencies have led to the achievement of the highest-ever quarterly income and PBIT (revenue earlier than curiosity and tax) within the third quarter for the auto and farm sectors.
“In SUVs, we proceed to be leaders in income market share for the fourth consecutive quarter and have celebrated one other profitable launch of the XUV4OO. Within the tractor enterprise, we now have achieved 41 per cent market share, the very best Q3 market share within the final 5 years,” he added.
On a consolidated foundation, the Mahindra Group’s internet revenue grew 34 per cent to Rs 2,677 crore from Rs 1,987 crore in the identical interval final 12 months. Its income rose to Rs 30,620 crore within the third quarter from Rs 23,594 crore in the identical interval of the final monetary 12 months.
Shares of M&M closed at Rs 1,365.20 apiece, down 0.54 per cent on the BSE on Friday.
