Mahindra & Mahindra on Saturday reported nearly five-fold jump in standalone profit for March quarter
Mumbai:
Mahindra & Mahindra on Saturday reported nearly five-fold jump in standalone profit at Rs 1,192 crore for quarter ended March 31, 2022.
The company had posted a profit of Rs 245 crore for the year-ago period, it said in a statement.
Revenue grew 28 per cent to Rs 17,124 crore in the period under review as compared with Rs 13,356 crore in March quarter 2020-21, it said.
In full fiscal year 2021-22, the company logged a standalone profit of Rs 4,935 crore, a multi-fold growth from Rs 984 crore in fiscal year ended March 31, 2021.
M&M said it achieved the highest ever standalone revenue for auto and farm segments at Rs 55,300 crore for 2021-22, which is 29 per cent higher than previous year’s.
It also said the company’s auto business delivered highest ever quarterly UV (utility vehicle) volumes in March quarter with 42 per cent year-on-year growth while Farm Equipment Sector (FES) tractors market share for 2021-22 stood at 40 per cent, a growth of 1.8 per cent year-on-year.
Auto export also saw strong performance in last fiscal year with 77 per cent growth year-on-year, it said, adding farm export volume at 17,500 tractors were highest in 2021-22 with 66 per cent growth.
The semiconductor supplies improved in March quarter resulting in highest ever quarterly UV volumes, it stated.
“ Our performance in March quarter and 2021-22 underscores the resilience of our business model. Despite significant challenges due to various factors like Covid, commodity prices, semiconductor shortages and the Ukraine conflict, we have delivered strong results at the consolidated level. All of our group companies are well positioned to capitalize on growth opportunities,” said Anish Shah, Managing Director & CEO, M&M.
The company recorded its highest revenue for the auto and farm segment in 2021-22. M&M became No.1 in SUV revenue market share in March quarter and in the second half of 2021-22, while FES gained 180 basis points market share in 2021-22, said Rajesh Jejurikar, Executive Director, M&M.
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