NEW DELHI: Mahindra & Mahindra on Friday reported a 44% rise in consolidated net profit at Rs 2,773 crore for the quarter ending September (Q2FY23), driven by robust performance in automotive and farm equipment verticals.
The group had logged a net profit of Rs 1,929 crore in July-September last fiscal year, M&M said in a regulatory filing. Revenue from operations during the quarter under review rose to Rs 29,870 crore from Rs 21,470 crore in the year-ago period. In September quarter, the automotive segment’s revenue rose to Rs 15,231 crore from Rs 8,245 crore in the year-ago period. Similarly, revenue from the farm equipment segment increased to Rs 7,506 crore from Rs 6,723 crore.
Revenue from the financial services vertical rose to Rs 2,974 crore as compared to Rs 2,909 crore, while the hospitality business posted a revenue of Rs 598 crore in the period under review compared with Rs 560 crore in the year-ago quarter. The real estate segment saw a revenue of Rs 70 crore in the quarter as compared to Rs 59 crore earlier. M&M MD & CEO Anish Shah said,
“While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued,” he added. M&M, on a standalone basis, reported a revenue of Rs 20,839 crore in the second quarter, up 57%YoY.