M&M Q2 Results: PAT rises 13% YoY to Rs 3,841 cr, beats estimates

Auto major Mahindra and Mahindra (M&M) on Thursday reported 13% YoY growth in its standalone net profit for the quarter ended September 30, 2024, to Rs 3,841 crore, which is above the Street expectations of Rs 3,581 crore.

Revenue from operations in the reporting period increased 12% YoY to Rs 28,919 crore.

EBITDA for the July-September 2024 period stood at Rs 5,270 crore, while margins came in at 18.2% in the same period.


"Our businesses have delivered a solid operating performance this quarter. Auto and farm continued to strengthen market leadership by gaining market share and expanding margin," said Anish Shah, Managing Director & CEO, M&M.

The total standalone volumes during the reporting quarter rose 9% YoY to 2.31 lakh units, while tractor volumes increased 4% YoY to 92,382 units.

Segment-wise, the auto business saw highest-ever quarterly volumes at 2.31 lakh units, up 9%, which included record quarterly UV volumes at 1.36 lakh units.

The standalone PBIT for the segment rose 34% YoY to Rs 2,006 crore, while PBIT margins improved 140 bps to 9.5%.

The farm machinery Q2 revenue during the quarter rose 14% YoY to Rs 253 crore, while the standalone PBIT stood at Rs 1,136 cr. PBIT margins for the segment were up 150 bps to 17.5%.

"In Q2 FY25, we gained market share across both our Auto and Tractor businesses. SUV volumes increased by 18% YoY, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches," said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector).

In the services business, MMFSL AUM (assets under management) increased 20 and GS3 at 3.8% improved by 50 bps. Standalone PAT for the segment was up 57% in the reporting September quarter.

On a consolidated basis, profit for the second quarter jumped 35% YoY to Rs 3,171 crore and consolidated revenues were up 10% YoY to Rs 37,924 crore.

On Thursday, M&M shares were trading 0.4% higher at Rs 2,946.6 on the NSE.