Mahindra & Mahindra Q1 Results FY2023, Net Profit at Rs. 2360.7 Crores

On 5th August 2022, Mahindra & Mahindra announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported a Revenue at Rs. 28412.38 crores with a growth of 48.2% YoY.

- Profit Before Tax was reported at Rs. 2893.96 crores with a growth of 626.47% YoY.

- The company reported its Net profit at Rs. 2360.7 crores, which grew by 811.61% YoY.

Segment Highlights:

Automotive:

- British International Investment (BII) to invest up to $250 million in a new EV Co to be set up at a valuation of up to $ 9.1 billion 

- Open booking at 165k+ reflecting strong automotive demand 

- Maintaining a leadership position in LCV <3.5T 

- Highest ever quarterly sales of Treo in the EV 3W segment. 

- XUV 700 wins Global NCAP’s “Safer Choice Award”

Farm Equipment:

- Second highest ever Q1 PBIT at Rs. 1,074 crores 

- Total of 6 awards were won at ITOTY Awards’22 under different categories including ‘Indian Tractor of the Year’ 

Commenting on the results, Dr. Anish Shah, Managing Director & CEO, M&M Ltd, said, “Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the Auto and Farm sector.”

And Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share. With 273k+ bookings, the demand for the automotive product portfolio remains strong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month.”