Mahindra and Mahindra (M&M) has posted an all-time high net profit of INR 10,282 crore, up 56% from INR 6,577 crore recorded in FY22. The record profit was driven by successful launches in the automotive sector, steady growth in farm equipment, improved operating performance at financial services and value unlock through monetisation/partnerships.
The company registered 34% growth in its consolidated revenue to INR 1,21,269 crore, against INR 90,171 crore in FY22.
Meanwhile, in Q4FY23, the company’s revenues stood at INR 32,366 crore, up by 25% compared to INR 25,934 crore in the same period last year. The Q4 standalone revenues stood at INR 5,584 crore, a 29% YoY increase.
A press release from M&M noted that the automotive division led the way with 62% growth, driven by strong execution of launches and an improvement in supply-chain related issues. The sector saw a 50% jump in retails in FY23 with retails of 698k units.
The company's Q4 standalone revenue was at INR 16,400 crore, up 35% YoY. Additionally, with 14.7k in Q4FY23, the e3W retails were also at an all-time high, the company noted.
On the farm equipment side, the company retailed 404k units in FY23, resulting in a 15% YoY jump.
Anish Shah, Managing Director & CEO, M&M, noted that it has been a blockbuster year for the group. Auto led the way with record-breaking launches as the company regained the pole position for SUV revenue market share.
“Amongst the group companies, MMFSL turnaround is clearly visible with record disbursement and improved asset quality. Our growth gems continue to execute on their scale-up strategy,” he added.
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M, noted that the response to new products has been very good, with exciting new launches planned over the next 12 months.
Manoj Bhat, Group Chief Financial Officer, M&M, said, “Secular revenue growth across the group along with strong operating leverage has helped us cross the milestone of INR 10,000 crore in profits.”
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