Mahindra & Mahindra’s March quarter profit jumps 5-fold to Rs 1,192 crore | Tech US News

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Mahindra & Mahindra on Saturday reported a nearly five-fold rise in standalone profit at Rs 1,192 crore for the quarter ended March 31, 2022.

The company had made a profit of Rs 245 crore in the year-ago period, it said in a statement.

It said revenue rose 28 percent to Rs 17,124 crore in the period under review as against Rs 13,356 crore in March quarter 2020-21.

In the full fiscal year 2021-22, the company posted a standalone profit of Rs 4,935 crore, which is several times higher than Rs 984 crore in the fiscal year ended March 31, 2021.

M&M said it posted the highest standalone revenue for the auto and farm segments at Rs 55,300 crore for FY22, up 29 percent from the previous year.

It also said that the company’s auto business delivered the highest ever quarterly UV (utility vehicle) volumes in Q4 with a year-on-year growth of 42% while the market share of farm equipment sector (FES) tractors in FY22 I stayed at 40 percent, 1.8 percent annually

Auto exports also saw a strong performance last fiscal with 77 per cent year-on-year growth, he said, adding that farm export volume at 17,500 tractors was the highest with 66 per cent growth in FY22.

Semiconductor supply improved in Q4 resulting in the highest quarterly UV volume growth ever.

Our performance in Q4 and FY22 illustrates the resilience of our business model. Despite significant challenges due to various factors such as Covid, commodity prices, semiconductor shortages and conflict in Ukraine, we delivered strong results at a steady level. All our group companies are well positioned to take advantage of the growth opportunities,” said Anish Shah, Managing Director and CEO, M&M.

The company recorded its highest ever revenue for the auto and farm segment in FY22. M&M became No. 1 in SUV revenue market share in Q4 and in the second half of FY22, while FES gained 180 basis points of market share in FY22, said Rajesh Jejurikar, Executive Director, M&M.

“With over 170k bookings, demand for the automotive product portfolio remains strong. FES delivered the second highest PBIT (Profit before Interest and Tax) for the full year despite market slowdown and heavy commodity inflation. Given the recent fiscal and monetary measures by the Government of India and the RBI, we foresee an easing of cost pressures in the economy,” he added.

“Our focus on capital allocation and improved financial metrics continues to deliver results. We continue our journey towards 18 per cent RoE (return on equity),” said Manoj Bhatt, Group Chief Financial Officer, M&M.

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