Mahindra & Mahindra on Wednesday reported a 34 per cent increase in consolidated profit after tax at Rs 2,658 crore for the third quarter ended December 31, 2023, driven by robust sales across verticals.
The auto major had reported a profit after tax of Rs 1,984 crore for the October-December quarter of the last financial year.
Revenue increased 15 per cent to Rs 35,299 crore for the period under review, as compared to Rs 30,621 crore in the year-ago period, Mahindra & Mahindra (M&M) said in a regulatory filing.
"Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions," M&M Managing Director & CEO Anish Shah said.
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He further said: "TechM is working through challenging operating results but I feel good that the right actions are being taken to turnaround its performance."
The company continued the journey of unlocking value in its growth gems with the listing of India's largest renewable InvIT and partnerships with marquee investors, Shah said.
On a standalone basis, the company reported an 11 per cent increase in PAT at Rs 2,454 crore, as compared to Rs 2,216 crore in the third quarter of 2022-23 fiscal.
Revenue increased 16 per cent to Rs 25,642 crore in the third quarter, as against Rs 22,113 crore in the year-ago period.
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The company said its vehicle sales rose 20 per cent to 2,11,443 units in the October-December quarter this fiscal, as against 1,76,094 units in the year-ago period.
However, tractor sales dropped 4 per cent to 1,00,522 units in the third quarter of this financial year, as against 1,04,850 units in December quarter last year.
"We had a strong quarter for both auto and farm businesses," M&M Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar said.
The company was a leader in SUvs with revenue market share of 21 per cent in the third quarter, he added.
"We increased tractor market share by 80 bps to 41.8 per cent in Q3 even as the tractor industry contracted on back of last year's high base, weather vagaries and lower reservoir levels," Jejurikar stated.
The company's electric three-wheeler business is maintaining its market leadership with Q3 market share of 54 per cent, he noted.
"We continue to meet our objectives of 18 per cent Return on equity (RoE) and value creation from capital allocation actions. It has been a good quarter with multiple businesses showing growth momentum," M&M Group Chief Financial Officer Manoj Bhat said.
Shares of the company were trading 0.39 per cent higher at Rs 1,652.35 apiece on the BSE.
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