M&M's Consolidated PAT For Q3 & 9M Stood At Rs. 2677 Crore Up By 35%

BW Online Bureau Feb 18, 2023

Mahindra & Mahindra has announced the financial results for the quarter and nine months ended 31st December 2022 of the Company and the consolidated Mahindra Group.

The consolidated PAT stood at Rs. 2,677 crore in Q3 with a growth of 35 per cent.

Key Highlights:

	Q3 FY2023	Q3 FY2022	Growth% YOY	Cum 9m FY2023	Cum 9m FY2022	Growth% YOY
M&M Results
Revenue	21,654	15,349	41%	62,389	40,549	54%
EBITDA	2,814	1,803	56%	7,645	5,091	50%
PAT before (EI net of tax)	2,029	1,335	52%	5,794	3,935	47%
PAT after EI	1,528	1,335	14%	5,000	3,601	39%
Group Consolidated Results
Revenue	30,620	23,594	30%	88,903	64,236	38%
PAT** before (EI net of tax)	2,044	1,798	14%	6,293	4,246	48%
PAT** after EI	2,677	1,987	35%	7,645	4,340	76%
Volumes
Total Vehicles sold	1,76,094	1,21,167	45%	5,09,229	3,09,695	64%
Total Tractors sold	1,04,850	91,769	14%	3,14,853	2,78,923	13%

All price mentioned above are in crores.

EI - Exceptional Items

**PAT is PAT after NCI - Non-Controlling Interest

♦ Consolidated Revenues at Rs 30,620 crores up 30 per cent

♦ Standalone Revenue at Rs 21,654 crores up 41 per cent

♦ Auto and Farm achieve highest ever Q3 volumes

♦ M&M's SUV Revenue Market Share stood at 20.6 per cent in Q3 F23. Open bookings of SUV at 266k+ (as on 1st Feb’23), reflecting continued strong automotive demand

♦ Farm: Q3 F23 Market share at 41.0 per cent (gain of 160 bps vs PY)

♦ XUV 400 becomes the fastest booked Electric SUV in India with 15k+ booking within 13 days

Highlights of the financial results are:

♦ M&M operating margin at 13.0 per cent up 130 bps YoY

♦ Vehicle sales up 45 per cent YoY

Automotive

♦ M&M remains market leader in SUVs for 4 consecutive quarters (Revenue Market Share)

♦ LCV 2-3.5T: Consolidated market leadership with 60.1 per cent market share in Q3 F23

♦ Scorpio N becomes the first Body-on-Frame SUV to secure 5-star GNCAP rating

♦ E-3Ws: Achieved highest ever quarterly billing of 11,801 units

Farm Equipment

♦ YTD Market Share at 41.4 per cent, gain of 90 bps vs PY

♦ Highest ever Q3 volumes (104.9k tractors)

Commenting on Q3 FY23 performance …

Dr. Anish Shah, Managing Director & CEO, M&M, said, “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.”

Rajesh Jejurikar, Executive Director, M&M, said, “Our efforts towards creating segment leading products and improving operational efficiencies have led to achievement of highest ever quarterly revenue and PBIT in Q3 F23 for Auto and Farm sectors. In SUVs, we continue to be leaders in revenue market share for the 4th consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41 per cent market share, highest Q3 market share in last 5 years.”

Manoj Bhat, Group Chief Financial Officer, M&M, said, “Our operating margins improved by 130 basis points YoY led by operating efficiencies and our focus on fiscal discipline. We recorded our highest ever quarterly group revenue reflecting strong growth across businesses.”