Mahindra Releases Data Of Growth In Q2 FY 23

Since updating its model lineup, Indian automaker Mahindra & Mahindra has been seeing phenomenal growth. Record bookings for its latest SUVs, including the Mahindra XUV700, Scorpio-N, and Thar, are also reflected in company results. The company reported a second-quarter profit after tax (PAT) of Rs. 2,090 crore, which was higher than expected and up 46 per cent from the Rs. 1,433 crore recorded in the same time the previous year.

Mahindra's sales increased 75 percent to 1,74,098 units because of the success of its recently released models, compared to 99,334 units sold during the same period last year. In actuality, the company's order book showed 2,60,000 units with open reservations. In the current quarter, operating revenue increased by 56.5 percent to Rs. 20,839 crores from Rs. 13,314 crores in the same period last year. While the auto sector experienced its highest-ever quarterly sales, the Mahindra farm equipment sector also experienced record-breaking second-quarter volume.

Regarding H1 results, the company's PAT increased by 54 percent to Rs. 3,520 crores in the first two quarters of FY2023, from Rs. 2,290 crores recorded in the same period a year earlier. The company's revenue increased by 61 per cent to Rs. 40,452 crores in H1 FY2023, up from Rs. 25,079 crores. Additionally, sales of SUVs increased by a healthy 75 per cent, from 1,85,192 units sold in the first half of the previous fiscal year to 3,23,901 units. Even the sale of farm equipment increased by 12 per cent, moving 2,10,03 units as opposed to 1,87,154 during the same period last year. The redesigned Mahindra XUV300 subcompact SUV was already released by the firm, and it is getting ready to debut the XUV400 EV in the upcoming quarter, which should boost sales. Even the sale of farm equipment increased by 12 per cent, moving 2,10,03 units as opposed to 1,87,154 during the same period last year. The redesigned Mahindra XUV300 subcompact SUV was already released by the firm, and it is getting ready to debut the XUV400 EV in the upcoming quarter, which should boost sales.

Although there is still a high demand for passenger automobiles, Indian automakers are facing challenges due to a lack of semiconductor chips and rising raw material prices. In India, the passenger vehicle market saw sales increase by almost double in September of this year to 3,07,389 units. This is mostly due to a low base from last year when the economic crisis severely hurt auto sales.