New Delhi: Mahindra & Mahindra recorded a net profit of Rs 1,548 crore for the fourth quarter ended on March 2023 against Rs 1,268 crore during the same period last year. The profit took a hike by 22.1 per cent and up by 67 per cent year-on-year counting exceptional items as well.
The revenue generated for the quarter stood at Rs 22,571.34 crore, up by 31 per cent in comparison to Rs 17,237 crore in the same quarter of the previous fiscal. Although, revenue growth was way up by what experts estimated 28-29 per cent.
As per brokerages, which were expecting revenue to be between Rs 21,890 crore and Rs 22,042 crore and net profits to be between Rs 1,620 crore and Rs 1,948 crore.
For the financial year 2023, the automotive manufacturer reported the highest annual net profit of Rs 10,282 crore, up by 56 per cent.
What does the company have to say?
“This was driven by successful mega launches in Automotive, steady growth at Farm Equipment, strong operating performance at Financial Services and value unlock through monetisation/partnerships,” said the company statement.
The automotive and farm-equipment segments recorded the highest-ever volumes. The former saw sales of 6,98,000 units in FY23, up 50 per cent; while the latter saw books hit 4,04,000, up 15 per cent.
“Operational profits improved significantly, as a result of volume growth, timely pricing actions, easing commodity inflation and stringent control over fixed costs,”
Mahindra is all ready to launch a new platform for its latest lightweight Swaraj Tractors, as per Rajesh Jejurikar, Executive Director (Auto & Farm Sectors) of Mahindra & Mahindra Ltd.