Mahindra & Mahindra Ltd. (M&M) reported first quarter standalone net profit surged to ₹934 crore (before exceptional items) from ₹39 crore in the year-earlier period on higher sales and cost control. Revenue more than doubled to ₹11,763 crore.
Consolidated net profit, which stood at ₹424 crore, was impacted by NPA provisioning of ₹2,517 crore at Mahindra & Mahindra Financial Services Ltd. (MMFSL). Consolidated revenue jumped 60% to ₹19,172 crore.
Total vehicles sales almost trebled to 85,858 units while tractor sales rose 52% to 99,127. “Continued focus on cost optimisation and operating leverage helped maintain margins,” the company said in a statement. It said farm business delivered ‘excellent performance with the highest-ever first-quarter PBIT and ROCE.’
“Our focus on operational efficiency and financial discipline gives us the confidence that our core performance will continue,” said Anish Shah, MD and CEO.
“Our farm business delivered yet another exemplary quarter result, while our auto business showed demand recovery, he added.
“Our growth gems [unlisted business units with high potential] are seeing good momentum and we will continue our stringent focus on fiscal discipline.”
ED Rajesh Jejurikar, however, said commodity inflation and semiconductor-supply issues remained matters of concern.
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