Mahindra & Mahindra on Saturday reported a nearly fivefold jump in standalone profit for the March quarter
Bombay:
Mahindra & Mahindra on Saturday reported a nearly fivefold jump in standalone profits of Rs 1,192 crore for the quarter ended March 31, 2022.
The company had posted a profit of Rs 245 crore for the period from a year ago, it said in a statement.
Revenue grew 28 percent to Rs 17,124 crore in the assessed period, compared to Rs 13,356 crore in March 2020-21, it said.
In the full fiscal year 2021-22, the company posted a standalone profit of Rs 4,935 crore, a multiple growth of Rs 984 crore in the fiscal year ended March 31, 2021.
M&M said it achieved all-time stand-alone sales for auto and agricultural segments of Rs 55,300 crore for 2021-22, which is 29 percent higher than last year.
It also said the company’s auto business achieved its highest-ever quarterly UV (utility vehicle) volumes in the March quarter with 42 percent year-over-year growth, while tractors in the Farm Equipment Sector (FES ) for 2021-22 was 40 percent, a 1.8 percent year-on-year growth.
Auto exports also performed strongly in the past fiscal year with a 77 percent year-over-year growth, it said, adding agricultural export volume with 17,500 tractors was highest in 2021-22 with a 66 percent growth.
Semiconductor shipments improved in the March quarter, resulting in the highest-ever quarterly UV volumes.
“Our performance in the March and 2021-22 quarters underscores the resilience of our business model. Despite significant challenges from various factors such as Covid, commodity prices, semiconductor shortages and the conflict in Ukraine, we delivered strong results at a consolidated level. All of our group companies are well positioned to take advantage of growth opportunities,” said Anish Shah, Managing Director & CEO, M&M.
The company posted its highest sales for the automotive and agricultural segment in 2021-22. M&M became #1 in SUV revenue market share in the March quarter and the second half of 2021-2022, while FES gained 180 basis points of share in 2021-2022, said Rajesh Jejurikar, executive director of M&M.
