Mahindra Q2 net profit rises 8-fold to Rs1,432 crore, revenue up 15%
16 Nov 2021
Home grown sports utility vehicle major Mahindra & Mahindra (M&M) has reported an after-tax (net) profit of Rs1,432 crore for the July-September 2021-22 quarter, an 8-fold jump compared to the Rs162 crore profit reported during the comparable quarter of the previous financial year.
M&M's total revenue from operations stood at Rs13,305 crore, a growth of 15 per cent compared to Rs11,590 crore revenue the automaker reported in Q2 FY2021.
Mahindra Group's consolidated after-tax profit for Q2 FY22 stood at Rs1,929 crore, a growth of 214 per cent compared to the Rs615 crore profit reported in Q2 FY21. The group's consolidated revenue for the period stood at Rs21,470 crore, a 12 per cent increase from the Rs19,227 crore revenue reported during the comparable quarter of the previous fiscal.
Commenting on the company's strong performance, Anish Shah, managing director and CEO said, "We have seen significant all-around improvement in our performance this quarter. Our strong show in the Auto and Farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value."
For the fiscal first half ended 30 September 2021, the company reported a 9-fold growth in net profit at Rs2,287 crore, against H1 FY2021. Also, between April and September 2021, M&M's revenue grew 46 per cent to Rs25,068 crore. At the same time, the group's consolidated PAT grew 316 per cent to Rs2,353 crore, while the consolidated revenue grew 30 per cent to Rs40,642 crore.
Between July and September 2021, Mahindra & Mahindra sold 99,334 vehicles in India, a growth of 9 per cent compared to 91,536 units sold during the same period in 2020. During the July-September 2021 quarter, Mahindra overall received more than 1.6 lakh passenger vehicle bookings, out of which, the XUV700 alone accounted for over 70,000 bookings.
The company's tractor sales, however, fell 5 per cent to 88,920 units in Q2 FY2021, compared to the previous fiscal year, when the company sold 93,246 tractors. Having said that Mahindra Tractors Market share grew nearly 2 per cent to 40.1 per cent in Q2 FY2022. Also, the company's Farm Equipment Sector exports grew 105 per cent in H1 FY2022, compared to last year.
Mahindra's Farm Equipment Sector's exports grew 105 per cent in H1 FY2022, compared to last year.