M&M Q3 standalone net profit rises 19%

CHENNAI: Mahindra & Mahindra recorded a 19% jump in standalone Q3 net profit at Rs 2,964 crore while revenue from operations increased 20% to Rs 30,538 crore.
The company’s consolidated net profit saw a 20% jump at Rs 3,181 crore, up from Rs 2,658 crore in the year ago period. The company’s consolidated revenue is up 17% at Rs 41,470 crore compared to Rs 35,299 crore last Q3.
The auto sector saw Q3 volumes at 245,000 units, up 16% while UV volumes were at 142,000 units.
Consolidated revenue for the auto sector at Rs 23,391 crore is up 21% whereas consolidated profit after tax at Rs 1,438 crore is up 20%.
For the farm sector, volumes were up 20% at 121,000 units. Consolidated revenue is at Rs 9,537 crore, up 11% while consolidated PAT of Rs 996 crore is up 11%.
In its services business, the Mahindra Financial Services AUM is up 19% and standalone PAT is up 63%.
Tech Mahindra EBIT margin improved by 480 bps and PAT is up 93%. Mahindra Lifespaces residential pre-sales of Rs 334 crore is down 25%.
Club Mahindra total income at Rs 391 crore is up 5%. Mahindra Logistics revenue at Rs 1,594 crore is up 14%. Consolidated revenue for the sector is Rs 9,607 crore, up 14% while consolidated PAT at Rs 747 crore is up 34%.
The company announced that its EV range would be contract manufactured by M&M at its Chakan facility. It would be then sold to Mahindra Electric Automobile Ltd to be distributed through the dealerships.
Rajesh Jejurikar, executive director & CEO (auto and farm sector), M&M, said: “This allows us to leverage the full value of the synergy of the M&M auto system and the full sweating of our assets.”
M&M’s Chakan facility has a separate body shop and assembly line for EVs, and there is a separate battery pack facility just outside Chakan also under M&M.
The company, which would see its overall SUV capacity hit mid 60,000 vehicles, would be debottlenecking specific capacity for models like the XUV 3XO and Thar, he added.
The group also announced a wholly owned subsidiary -- Mahindra Advanced Technologies Limited – for the “design, development, manufacture, supply, dealing, operating, trading, overhaul, repair, maintenance and services of all kinds of security solutions,” it said in a stock market statement.