Mahindra & Mahindra (M&M) on Friday logged a 14 per cent rise in its profit after tax (PAT) to Rs 1,528 crore for the third quarter (Q3) ended December 2022, driven by robust sales. The Mumbai-based automaker had reported a net profit of Rs 1,335 crore for the October-December period of the previous fiscal year.
M&M revenue surged 41 per cent to Rs 21,654 crore for the third quarter compared to Rs 15,349 crore in the year-ago period.
The company said it has sold a total of 1,76,094 vehicles during the period under review, up 45 per cent from 1,21,167 units a year ago. Tractor sales rose 14 per cent to 1,04,850 units in the third quarter against 91,769 units in the same quarter of the last fiscal year.
"We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns," M&M Managing Director and CEO Anish Shah said.
M&M Executive Director Rajesh Jejurikar noted that the company's efforts towards creating segment-leading products and improving operational efficiencies have led to the achievement of the highest-ever quarterly revenue and PBIT (profit before interest and tax) in the third quarter for the auto and farm sectors.
"In SUVs, we continue to be leaders in revenue market share for the fourth consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41 per cent market share, the highest Q3 market share in the last 5 years," he added.
On a consolidated basis, the Mahindra Group's net profit grew 34 per cent to Rs 2,677 crore from Rs 1,987 crore in the same period last year. Its revenue rose to Rs 30,620 crore in the third quarter from Rs 23,594 crore in the same period of the last financial year.
Shares of M&M closed at Rs 1,365.20 apiece, down 0.54 per cent on the BSE on Friday.