Mahindra & Mahindra's Q1FY23 Revenue Soars 66.7% YoY

Mobility Outlook Bureau
05 Aug 2022
03:21 PM
1 Min Read

Mahindra's Revenue from its automotive stood at INR 12,306 crore, which is almost double to what it was the same period last year.

Anish Shah, MD & CEO, Mahindra & Mahindra
Anish Shah

Mahindra & Mahindra (M&M) has reported revenue of INR 19,613 crore for Q1FY23, registering 66.7% growth on a year-on-year basis.

The group performed well across all its verticals, noted Anish Shah, Managing Director, and CEO, Mahindra & Mahindra. He said, “Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the auto and farm sector.'

M&M's net profit for the quarter stood at INR 1,430 crore witnessing a 67.1% growth YoY, driven by the growth in automotive and farm equipment segments supported the performance of the group.

Notably, Mahindra's revenue from its automotive business stood at INR 12,306 crore, which is almost double what it was during the same period last year. The group's revenue from farm equipment registered a 25.8% YoY growth to INR 6,689 crore.

The company had recently unveiled its Scorpion N in India. It claims to have registered bookings of over 100,000 units in under 30 minutes time leading to an ex-showroom value of INR 18,000 crore.

UK’s Development Finance Institution and Mahindra & Mahindra had recently announced a binding agreement to invest up to INR 3,850 crore together into a wholly-owned subsidiary of M&M that will be newly incorporated (“EV Co.”) and will focus on four-wheeler passenger vehicles.

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