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This is an archive article published on August 5, 2023

M&M profit jumps 98% in June quarter

Revenue from operations during the quarter rose 22 per cent year-on-year to `24,056 crore.

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Automaker Mahindra & Mahindra reported a standalone net profit of `2,774 crore for the quarter ended June 2023, a jump of 98 per cent from `1,404 crore in the same period a year ago.

Revenue from operations during the quarter rose 22 per cent year-on-year to `24,056 crore. “The company has open bookings of SUVs at 281,000 as on August 1, 2023, reflecting continued strong automotive demand,” it said.

Anish Shah, Managing Director & CEO of M&M Ltd, said: “During Q1, our businesses across auto, farm and services delivered a strong performance. Auto led the way by strengthening its market leadership position and doubling its operating profit.” The Farm segment continues to increase market share quarter-on-quarter and deliver double-digit profit improvement, he said.

“In SUVs, we continue to be leaders in revenue market share for the 6th consecutive quarter with SUV volumes crossing the one lakh milestone. In the tractor business, we have achieved 42.9% market share, the highest since Q2 F20,” said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector).

 

© The Indian Express Pvt Ltd
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