Successful launches such as the Scorpio-N, and XUV400 in the SUV segment as well as e-three wheelers enabled company's strong performance in automotive business.
26 May 2023 | 5107 Views | By Autocar Professional Bureau
Mahindra and Mahindra (M&M) has posted an all-time high annual consolidated net profit of Rs 10,282 crore, up 56%, on a year-on-year basis. This was driven by successful launches including the Scorpio-N SUV and XUV400 e-SUV in its automotive vertical; steady growth in the farm equipment segment; strong operating performance ...
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Mahindra and Mahindra (M&M) has posted an all-time high annual consolidated net profit of Rs 10,282 crore, up 56%, on a year-on-year basis. This was driven by successful launches including the Scorpio-N SUV and XUV400 e-SUV in its automotive vertical; steady growth in the farm equipment segment; strong operating performance at financial services and value unlock through monetisation/partnerships, the company said.
For its automotive vertical, M&M has today announced its Q4 earnings and earnings for the full year - FY23 - ended March 2023. The company’s full-year consolidated revenues were up 34% at Rs 1,21,269 crore. The automotive segment led the way, with a 62% growth, driven by strong execution of launches and an improvement in supply chain-related issues.
Anish Shah, Managing Director and CEO, M&M, said, “It has been a blockbuster year for the group. Auto led the way with record-breaking launches, as we regained the top position for SUV revenue market share. LCVs, Farm equipment, and electric 3-wheelers continue to strengthen our leadership position.”
He further added that amongst the group companies, MMFSL’s turnaround is clearly visible with record disbursement and improved asset quality. “Our growth gems continue to execute on their scale-up strategy. We are very well positioned for the future, based on a strong presence in key industries, leadership in technology and a growth mindset, coupled with fiscal discipline,” he added.
Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), M&M, said, “We are excited about the market momentum in both the auto and farm equipment segments and about crossing the milestone of 1.1 million vehicles in FY23. The response to new products has been very good with exciting new launches planned over the next 12 months. The efforts on cost management have led to consistent margin improvement.”