Mahindra & Mahindra Q3 FY25 Revenue Jumps 17% To Rs. 41,470 Cr, PAT Up 20%

BW Online Bureau Feb 10, 2025

Auto and Farm segments led growth, with record market share gains, higher margins, and strong financial services performance

The Board of Directors of Mahindra & Mahindra has approved the financial results for the quarter and nine months ended 31st December 2024.

Key financials:

Rs cr.	Q3 F25	Q3 F24	Growth per cent YoY
Consolidated Results
Revenue	41,470	35,299	17 per cent
PAT	3,181	2,658	20 per cent

The PAT is PAT after Non-Controlling Interest.

Mahindra & Mahindra reported strong operating performance across businesses in Q3 of F25 with consolidated PAT of Rs 3,181 cr., up 20 per cent. Auto and Farm continue to deliver on growth and margins with profits up 16 per cent. Financial services AUM grew at 19 per cent. TechM achieved good traction in deal wins and saw EBIT improvement of 480 bps.

Auto

Quarterly volumes at 245k, up 16 per cent; UV volumes at 142k
Standalone PBIT Rs 2,167 cr., up 37 per cent; PBIT margin 9.7 per cent, up 120 bps
Consolidated Revenue Rs 23,391 cr., up 21 per cent
Consolidated PAT Rs 1,438 cr., up 20 per cent

Farm

Highest ever Q3 market share at 44.2 per cent; volumes at 121k, up 20 per cent
Standalone PBIT Rs 1,479 cr., up 42 per cent and PBIT margin 18.1 per cent, up 260 bps
Consolidated Revenue Rs 9,537 cr., up 11 per cent
Consolidated PAT Rs 996 cr., up 11 per cent

Services

MMFSL AUM up 19 per cent, GS3 at 3.9 per cent, standalone PAT up 63 per cent
Tech Mahindra EBIT margin improved by 480 bps, PAT up 93 per cent
Mahindra Lifespaces residential pre-sales of Rs 334 cr., down 25 per cent
Club Mahindra total income Rs 391 cr., up 5 per cent
Mahindra Logistics revenue Rs 1,594 cr., up 14 per cent
Consolidated Revenue Rs 9,607 cr., up 14 per cent
Consolidated PAT Rs 747 cr., up 34 per cent

Commenting on Q3 FY25 performance, Dr. Anish Shah, Managing Director & CEO, M&M, said, “Auto and Farm delivered solid performance on market share and margins, on the back of focused execution. The transformation at TechM is gathering momentum. MMFSL continues to balance asset quality and growth priorities, with GS under 4 per cent on the back of strong AUM growth. Our Growth Gems are demonstrating steady progress towards their long-term objectives.”

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M, added, “In Q3 F25, we were No. 1 in SUV revenue market share with 200 bps YoY increase. LCV < 3.5T volume market share is at 51.9 per cent, a gain of 230 bps. The Auto segment PBIT is up by 120 bps YoY. We achieved highest ever Q3 tractor market share at 44.2 per cent, gain of 240 bps YoY, and farm PBIT is up by 260 bps YoY.”

Summary of standalone financials:

	Q3 F25	Q3 F24	Growth per cent YoY
Standalone Results
Revenue	30,964	25,737	20 per cent
EBITDA	4,810	3,649	32 per cent
PAT	2,964	2,490	19 per cent
Volumes
Total Vehicles sold	2,45,499^#	2,11,443^#	16 per cent
Total Tractors sold	120,624	100,522	20 per cent

# Includes 29,423 in Q3 F25, 27,198 in Q3 F24 volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Revenue in standalone results do not include realisation from these volumes.