Mahindra & Mahindra Q4 Results: Net Profit at Rs 2,038 crore Jumps 32% YoY

Indian automaker Mahindra & Mahindra reported fourth-quarter results of FY24 on Thursday, May 16, 2024. It reported a net profit of Rs 2,038 crore compared to Rs 1,549 in the same quarter last year. It shows an increase of 32% on a year-on-year basis.

Mahindra & Mahindra reported revenue from operations of Rs 25,109 crore, an increase of 11% year over year. Previously, at the same period, the company reported revenue of Rs 22,571 crore. 

The company reported an EBITDA of Rs 3,446 crore in the fourth quarter, an increase of 22% year over year. Previously, in the same period, M&M reported EBITDA of Rs 2,831 crore. 

Also Read | Mutual Funds Take Rs 10,000 Cr Bullish Bets on HDFC Bank and Kotak Mahindra Bank

Mahindra and Mahindra Auto Segment 

Mahindra and Mahindra auto segment Q4 volumes to 21.5 lakhs, with highest ever utility volumes at Rs 1.26 lakh. Currently, M&M open bookings of SUVs at 2.2 lakhs. 

Tractor market share fell to 39.4% in the fourth quarter. Farm machinery revenue is Rs 225 crore. 

The standalone profit before interest and tax for the auto segment increased 49% year-on-year to Rs 1,751 crore. The PBIT margin was 8.8%, up 170 bps YoY. 

Mahindra and Mahindra’s Management Commentary 

M&M MD and CEO Anish Shah said, "It has been an excellent year with most of our businesses delivering high levels of performance. Auto continued its high growth trajectory, farm gained share in a tough market and Mahindra Finance delivered on asset quality." 

He added “TechM was a weak spot, the turnaround has commenced with the new organization in place. Growth gems are performing well, with Susten and LMM leading the way. We also made significant progress on sustainability, diversity and our efforts on women empowerment.”

M&M reports a solid operating performance across multiple businesses in the financial year 2024. The profits of the auto segment grew by 2.5x, Farm market share improved in a declining industry. The board recommended a dividend of Rs 21.10 per share. 

The M&M share price increased sharply in the Thursday session and closed at Rs 2371.75, with an intraday gain of 3.02%. 

Also Read | Bajaj Consumer Care Limited Buyback: Checkout to Know More