Mahindra & Mahindra Q2 revenue up 44% at Rs 2,773 crore

Homegrown diversified group Mahindra & Mahindra on Friday reported 44 per cent improve in consolidated revenue at Rs 2,773 crore for September quarter, boosted by strong gross sales throughout enterprise verticals.

The group had logged a web revenue of Rs 1,929 crore in July-September final fiscal 12 months, Mahindra & Mahindra (M&M) stated in a regulatory submitting.

Revenue from operations through the quarter beneath overview rose to Rs 29,870 crore from Rs 21,470 crore within the year-ago interval, it added.

M&M, on a standalone foundation, reported income of Rs 20,839 crore within the second quarter, up 57 per cent from Rs 13,314 crore in the identical interval a 12 months in the past, the corporate stated.

Profit after tax elevated 46 per cent to Rs 2,090 crore in September quarter, as in comparison with the year-ago interval.

The auto main stated it offered a complete of 1,74,098 automobiles within the second quarter, larger 75 per cent from 99,334 models in September quarter 2021-22.

Tractor gross sales elevated 5 per cent to 92,590 models in September quarter 2022-23 as in contrast with 88,027 models within the year-ago interval.

M&M Managing Director & CEO Anish Shah stated the group’s strong monetary outcomes mirror the progress it has made in its strategic imperatives.

“While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued,” he added.

Elaborating additional, M&M Executive Director Rajesh Jejurikar stated:” It has been an action-packed quarter with a number of product launches and new merchandise throughout segments, along with partnership bulletins with BII and Volkswagen.” The firm has recorded its highest quarterly income for auto and farm segments, he added.

“In SUVs, we continue to be the revenue market share leader. Festive sales have been strong this year across auto and farm sectors. With the unveil of the XUV4OO and our Born Electric Vision, we enter the Electric SUV segment and aim to establish leadership position in the future,” Jejurikar said.

Shares of the corporate had been buying and selling 0.38 per cent up at Rs 1,302.9 apiece on the BSE.