M&M Q1 Results FY2023: Strong tractor sales, automotive segment performance drive profit in June quarter - key highlights

Mahindra & Mahindra Ltd on Friday reported a consolidated profit after tax of Rs 2,360.70 crore in the first quarter ended June 30, driven by strong performance of its automotive and farm sector segments. The company had posted a consolidated loss after tax of Rs 331.74 crore in the year-ago period, M&M said in a regulatory filing.

Revenue from operations increased to Rs 28,412.38 crore in the first quarter this fiscal, as compared to Rs 19,171.91 crore in the corresponding period a year ago, it added.

Total expenses during the quarter were higher at Rs 26,195.01 crore, as against Rs 20,286.24 crore in the same period a year ago, the company said.

The automotive segment clocked revenue of Rs 12,740.94 crore in the quarter, up from Rs 6,316.79 crore in the same period last fiscal.

In volume terms, the company said it sold 1,49,803 vehicles in the quarter under review, as compared to 85,858 vehicles in the year-ago period, a growth of 74 per cent.

The farm equipment vertical had a revenue of Rs 8,427.66 crore, as compared to Rs 7,188.74 crore in the year-ago quarter, the company said. Tractor sales were at 1,17,413 units in the quarter under review, as compared to 99,127 units in the same period a year ago, up 18 per cent.

"We saw good momentum across all our group companies, led by the strong results of the auto and farm sector," M&M Ltd Managing Director & CEO Anish Shah said.

The financial services segment registered Rs 2,876.61 crore revenue in the first quarter, up from Rs 2,530.15 crore in the same period a year ago, while the hospitality vertical clocked revenue Rs 613.19 crore, up from Rs 393.76 crore in the same period last fiscal, it added.

Real estate vertical, however, clocked lower revenue at Rs 94.82 crore as compared to Rs 149.51 crore in the same period last fiscal.

M&M shares were trading at Rs 1252 on the NSE and were down by 0.8 per cent from the Thursday closing price.