M&M profit jump up to 32%; pegs Rs 34,000 crore capex by FY27

Most of the money will go into the automotive business to develop new models in the traditional fossil fuel-driven vehicles and into the electric mobility space.
Mahindra And Mahindra image used for representation
Mahindra And Mahindra image used for representation(File Photo | Reuters)

MUMBAI: The Mahindra & Mahindra Group, which on Thursday reported a 32% jump in standalone net profit at Rs 2,038 crore for the March quarter, has earmarked Rs 34,000 crore of capital investment by FY27.

Most of the money will go into the automotive business to develop new models in the traditional fossil fuel-driven vehicles and into electric mobility space.

As much as Rs 27,000 crore of the planned Rs 34,000 crore capex and investment will go into the mobility segment, as the company is lining up as many as 23 models by the turn of 2030, managing director & chief executive Anish Shah told reporters at the group headquarters here.

Giving a break-up, he said Rs 8,500 crore will go into group’s bread and butter SUV segment powered by traditional fuels where it is lining up nine new models by the end of the decade, and Rs 4,000 crore will go into the electric mobility segment where it is lining up nine new EVs. The company is also lining up seven models in the LCV space of which two will be EVs, he added.

“We will deploy Rs 37,000 crore during FY25-27, the major chunk of which will be spent on the automotive category. We will not ignore ICEV and a major chunk of our capex will be spent on that segment in the automotive segment,” Shah said.

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