This year, your company achieved the highest combined sales of vehicles and tractors in its history, with almost 825 thousand vehicles and 380 thousand tractors sold, Anand Mahindra said
31 Jul 2024 | 1680 Views | By Prerna Lidhoo
At the annual general meeting of the Mahindra group, chairman Anand Mahindra said that the group's ambitious investment plan of Rs 370 billion over the next three years is a testament to its commitment to growth and innovation.
The group, he added, will continue to invest in building manufacturing ...
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At the annual general meeting of the Mahindra group, chairman Anand Mahindra said that the group's ambitious investment plan of Rs 370 billion over the next three years is a testament to its commitment to growth and innovation.
The group, he added, will continue to invest in building manufacturing capacity. "Our automotive division has been at the forefront of innovation. The Scorpio-N has been a blockbuster success, and the Scorpio Classic, specially customized for the Indian Army, stands as a symbol of our commitment to the nation. We expanded our global footprint with the 'Mahindra Futurescape' vision, showcasing the Thar.e and our Global Pik Up vehicle concepts. It is an exciting chapter in our global journey, and we are committed to expanding our reach and impact worldwide," Anand Mahindra, Chairman of the Mahindra Group, said.
Mahindra & Mahindra Ltd on Wednesday reported a decline of 5% in its standalone net profit for the first quarter of financial year 2025 on a year-on-year basis. However, the net profit, excluding the previous year's one-time gains, grew 23% year-on-year, driven by robust double-digit volume improvement with a favorable mix, moderation in input cost inflation, and higher average selling price. The Mumbai-based automaker clocked a standalone net profit of Rs 2,613 crore, against Rs 2,759 crore in the year-ago period. Revenue from operations rose 11% to Rs 27,133 crore. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), or operating profit, grew 16% year-on-year to Rs 4,116 crore while the operating profit margin expanded to 15.2% from 14.5%.
"This has been a year where we have seized every opportunity that has come our way, a year where our strategies and ambitions aligned strongly with emerging trends. Our results for FY 2024 bear this out. This year, our company achieved the highest combined sales of vehicles and tractors in its history, with almost 825 thousand vehicles and 380 thousand tractors sold. This translated to over 18% growth in vehicle sales, while in the tractor market, we continue to lead the industry despite a more than 7% decline in the overall tractor market," Mahindra said.
In the Farm Equipment Sector, he added, the last year was marked by challenges and significant achievements. "Despite a slowdown in domestic tractor demand and weaker global tractor markets, we sold almost 380 thousand tractors under the Mahindra, Swaraj, and Trakstar brands, maintaining our industry leadership in the domestic tractor market for the 41st consecutive year," he said.
At the close of the financial year, we achieved a significant milestone, crossing 4 million tractors sold, he added. "This landmark was fittingly celebrated with the introduction of the Mahindra Yuvo Tech Plus, a model built on our next-generation Yuvo tractor platform at our Zaheerabad facility. On the international front, the OJA tractor family and its rapid ramp-up position us to tap into 25% of the global tractor industry and explore new markets in Europe and ASEAN," Mahindra said.
In the Electric Vehicles space, he added, we continue to be pioneers in India. "We introduced the new XUV 400 EL Pro variant and we won three prestigious Electric Car of the Year awards, delivering a surge of over 51% in the sales of our EVs this year," he said.