Mahindra and Mahindra Q4 2024 Results: Consolidated Revenue rose 9% while PAT increased by 4.22% on a YOY basis

Synopsis:

Mahindra & Mahindra Ltd (M&M) Limited announced its quarterly results for March 2024 on 16th May. It reported a consolidated PAT of ₹3124.94 cr for Q4 FY2024. Its consolidated total revenue for Q4 FY2024 increased by 9% on a YOY basis reaching ₹35807 cr.

Quarter result performance

The company’s consolidated total revenue for Q4 FY2024 increased by 9% on a YOY basis, reaching ₹35807.44 cr from ₹32849.56 cr in Q4 FY2023. The quarterly consolidated revenue was marginally down by 0.01%. M&M reported a consolidated PAT of ₹3124.94 cr for Q4 FY2024 from ₹2998.37 cr in Q4 FY2023, which is an increase of 4.22%. On a quarterly basis, the consolidated PAT was up by 4.97%. The company’s PAT margin stood at 8.74%. Its EBITDA for Q4 FY2024 was ₹3,446 cr at22% YOY growth from ₹2,831 cr in Q4 FY 2023.

For the full financial year ending in March 2024, the consolidated PAT stood at ₹12,269.82 cr compared to ₹11,374.48 cr in FY 2023, up by 7.87%. For FY 2024, its consolidated total revenue stood at ₹1,41,254.69 cr compared to ₹1,22,528.91 cr in FY 2023, up by 15.28%. Its EBITDA witnessed a 25% growth on a YOY basis.

Mahindra & Mahindra announced a dividend of ₹21.10 per share having a Face Value of ₹5 at 422% for FY 2024.

In terms of auto sales volume, Mahindra & Mahindra grew at 14% at 215k in Q4 FY2024 and 18% at 825k in FY2024. Its SUV revenue reached 20.40% in terms of market share, which is also the highest in the country. For FY2024, M&M’s market share for LCVs <3.5T$ and Tractors was  49.0% and 41.6%, respectively. It is one top for the tractor market share in India.

Commenting on the quarterly results, Dr. Anish Shah, Managing Director & CEO, M&M Ltd. said, “It has been an excellent year with most of our businesses delivering high level of performance. Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality. TechM was a weak spot, the turnaround has commenced with the new organization in place. Growth gems are performing well, with Susten and LMM leading the way. We also made significant progress on sustainability, diversity and our efforts on women empowerment.”

Also, Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector) at Mahindra & Mahindra said, “We demonstrated stellar performance across Auto & Farm segments in FY24. We continue to be #1 SUV player by revenue and gained 3.5% market share in LCVs < 3.5T category. We also improved our Auto Standalone PBIT margin by 190 bps during this period. In tractors, we achieved a market share of 41.6%, a gain of 40 bps during FY24 and improved our core tractor PBIT margins by 30 bps. Our farm machinery segment continued to have robust revenue growth of 32%.”

About Mahindra & Mahindra Ltd (M&M) Limited

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, one of the largest and most diversified business conglomerates in India. The company operates in various industries and has a global presence. The company is known for its range of SUVs, LCVs, electric 3-wheelers, trucks, buses, and motorcycles. M&M is the world's largest tractor company by volume with its flagship brand Swaraj Tractors.