Mahindra & Mahindra Q3 FY24 Results: Net Profit Zooms 60% YoY to Rs 2,454 Crore

Indian Automaker company, Mahindra & Mahindra released Q3 earnings for FY24 on Wednesday, February 14, 2024. M&M standalone net profits increased 60% year on year basis to Rs 2,454 crore. During the same period last year, the company’s profit after tax was Rs 1,528.06 crore.

The revenue for the third quarter of the current fiscal grew by 16% on YoY basis to Rs 25,652 crore. It led by a strong growth in volumes in the automotive segment which is offsetting the weakness in the tractor segment. M&M turnover during FY 2022-23 stood at Rs 21,653.74 crore.

Mahindra & Mahindra volumes went up by 11.1% year on year to 3,13,115 units in Q3 FY24. While, auto sales rose by 20.1% YoY to 2,11,443 units. However, the tractor volumes declined by 4% compared to previous year to 1,00,522 units during the last quarter.

How Mahindra & Mahindra Share Price Reacted?

In the previous week M&M shares faced rejection from Rs 1750 near to its all time high. However, in the current week, Mahindra & Mahindra shares are taking support near Rs 1625 and trying to recover its previous loss.

Today’s before Q3 results, shares were range bound and traded sideways. Short term rise in volatility is visible in the current intraday session. But, bulls succeed to hold the previous day low and push the price upward. Currently, M&M shares are trading at Rs 1658.75 with a rise of 0.55%.