M&M Q3 Results: Profit Jumps 61% As SUV Sales Surge To Highest Ever

Mahindra & Mahindra Ltd.'s income increased in the third quarter of fiscal 2024, even as earnings met estimates.

Net profit of the Mumbai-based automaker rose 60.6% year-on-year to Rs 2,454 crore, on the back of revenue that grew 16% to Rs 25,642.4 crore in the three months ended Dec. 31, according to an exchange filing on Wednesday. Analysts polled by Bloomberg had estimated the top line and bottom line at Rs 25,300.9 crore and Rs 2,375.6 crore, respectively.

M&M Q3 FY24 Results Key Highlights (Standalone, YoY)

• Revenue up 16% at 25,642.4 crore (Estimate: Rs 25,300.9 crore)

• Ebitda up 9.7% 3,590.3 crore (Estimate: Rs 3,208.3 crore)

• Ebitda margin expands 80 bps to 14% (Estimate: 12.7%)

• Net profit up 60.6% at Rs 2,454 crore (Estimate: Rs 2,375.6 crore)

One basis point is one-hundredth of a percentage point.

The surge in net profit was driven by other income, which jumped 82% over the year-ago period to Rs 383 crore. That, in turn, includes a gain of Rs 89.59 crore on some non-current investments measured at fair value.

• ⁠Highest ever Q3 volumes at 211,000, up 20% YoY

• ⁠Highest ever utility-vehicle volumes at 119,000

• ⁠Open bookings of SUVs at 226,000, as on Feb. 1

• At 21%, M&M enjoys highest revenue market share in SUV segment

• ⁠M&M’s LCV market share at 49.6%, up 310 bps year-on-year

• ⁠In tractors, M&M’s market share was at 41.8% in Q3, up 80 bps YoY

• M&M's electric three-wheeler volumes rose 54% YoY

• M&M is the market leader in E3W with 54% market share

• Mahindra Lifespaces clocks residential pre-sales of Rs 433 crore

• Club Mahindra’s total income up 8% year-on-year at Rs 363 crore

• Mahindra Logistics revenue up 5% year-on-year at Rs 1,397 crore

• India’s largest renewables InvIT listing completed in Jan. 24