Mumbai: Mahindra & Mahindra on Saturday reported a nearly five-fold 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 year-ago period, it said in a statement. declaration .
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 its all-time high stand-alone revenue for auto and agricultural segments for FY22 at Rs 55,300 crore, which is 29 percent higher than last year. It also said the company’s automotive business achieved its highest-ever quarterly UV (utility vehicle) volumes in the fourth quarter, growing 42 percent year-over-year, while tractors in the Farm Equipment Sector (FES) grew market share. for FY22 was 40 percent, up 1.8 percent year-over-year.
Auto exports also performed strongly last fiscal year, growing 77 percent year-on-year, and the addition of agricultural export volume of 17,500 tractors was the highest in FY22 with 66 percent growth. Semiconductor shipments improved in the fourth quarter, resulting in the highest-ever quarterly UV volumes.
Our performance in Q4 and FY22 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 revenue for the auto and agricultural segment in FY22. M&M became #1 in SUV revenue market share in the fourth quarter and second half of FY22, while FES gained 180 basis points of market share in FY22, said Rajesh Jejurikar, Executive Director, M&M.
With over 170k bookings, demand for the automotive product portfolio remains strong. FES achieved the second-highest PBIT (earnings before interest and taxes) for the year, despite the market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures taken by the Indian government and RBI, we foresee that cost pressures in the economy will ease, he added. Our focus on capital allocation and improved financial metrics continue to deliver. We continue our journey to 18 percent RoE (return on equity), said Manoj Bhat, Group Chief Financial Officer, M&M.
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