NEW DELHI: On the back of strong demand for SUVs, commercial vehicles and tractors, home-grown auto-major Mahindra & Mahindra on Friday reported consolidated net profit of Rs 2,196 crore in the quarter ending June (Q1FY23) against Rs 424 crore profit reported in the same quarter last year.
Mahindra’s consolidated revenue from operations stood at Rs 28,412.38 crore in Q1FY23, up from Rs 19,171.91 crore Q1FY22. The automaker sold 1,49,803 vehicles during April-June quarter, a growth of 74% over 85,858 units sold in the same quarter previous year. Its tractor sales grew by 18% year-on-year to 1,17,413 units.
Rajesh Jejurikar, Executive Director, M&M Ltd, said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while Farm Equipment Sector (FES) strengthened its leadership position with 42.7% tractor market share.”
Jejukar informed that with 2,73,000 bookings, the demand for the automotive product portfolio remains strong. “Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveiling of our Born Electric Vision later this month,” said Jejukar.
Anish Shah, group managing director and CEO, Mahindra and Mahindra, informed that the semiconductor crisis has largely abated and it is now the high demand that is driving the higher wait times. Without giving much detail, Shah said that they have kicked off capacity expansion programmes. “We are ramping up capacity to make sure we can leverage all the demand we have,” he said.