Mahindra and Mahindra’s net profit rose 46% in Q2 on higher sales volume | Tech US News

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Mahindra and Mahindra (M&M) has reported a net profit of Rs 2,090 crore for the quarter ended September FY (Fiscal Year) 2023.

Mahindra & Mahindra (M&M) said in a regulatory filing that the group has seen a sharp jump in its net profit by 46 per cent from Rs 1,433 crore a year ago.

The company’s revenue also grew by 57% to Rs 20,839 crore on the back of increased sales volume. While it was Rs 13,314 crore in the same period a year ago, the company said.

Mahindra & Mahindra said in a regulatory filing that its sales volume during the July-September quarter rose 75 per cent to 1,74,098 units from 99,334 units last year.

However, its operating margin declined to 11.98 percent in the second quarter from 12.47 percent in the year-ago period.

The company reported a 50% jump in EBITDA (earnings before interest, tax, depreciation, and amortization) in the quarter to Rs 2,496 crore as against Rs 1,661 crore in the same period a year ago. .

Shares of the company were trading up 0.38% at Rs 1302.9 per share after the release of the above results.

“Our strong financial results reflect the progress we have made on our strategic imperatives. While the auto segment has grown, we have seen solid performance across our group companies. Our focus on creating value and providing growth capital The journey continued through the Susten-OTPP transaction and the BII transaction,” said Dr. Anish Shah, Managing Director, and CEO of M&M Limited.

The Mumbai-based carmaker said it was its highest quarterly standalone and consolidated toplines ever.

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

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