Mahindra & Mahindra Ltd (M&M) on Thursday reported a net profit of ₹2,038.21 crore in the fourth quarter of FY24, registering a growth of 31.6% from ₹1,548.97 crore in the year-ago period.
The auto major’s revenue from operations in Q4FY24 increased 11.24% to ₹25,108.97 crore from ₹22,571.37 crore, year-on-year (YoY).
At the operational front, earnings before interest, taxes, depreciation and amortization (EBITDA) in the March quarter rose 12% YoY to ₹3,119 crore from ₹2,789 crore, while EBITDA margin remained flat at 12.4%.
“Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality,” said Anish Shah, Managing Director & CEO, M&M Ltd.
During the quarter ended March 2024, M&M’s automobile segment volumes were at 2,15,280 units, up 14% YoY. The farm equipment segment sold 71,039 tractors in Q4, down 20% YoY.
“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%,” said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd.
Also Read: IEX’s FY24 net profit spikes 14.7% on higher trade volumes, policy boost
M&M Dividend
The board of directors of M&M recommended a dividend of ₹21.10 per share equity share, or 422%, of the face value of ₹5 each. The record date for the dividend is July 5, 2024, and the dividend will be paid after July 31, 2024.
EV Investment
The board of directors of Mahindra & Mahindra Ltd approved an investment of ₹12,000 crore in its electric vehicle (EV) unit Mahindra Electric Automobile Ltd (MEAL), over a period of next three years up to March 31, 2027.
M&M and its Auto Division expect to generate sufficient operating cash to satisfy all its capital investment needs and are not looking to raise additional capital, the company said.
Thus, M&M and British International Investment (BII) have agreed to extend the timeframe for the final tranche of BII’s planned investment of ₹725 crore.
So far, BII has invested ₹1,200 crore and Temasek has invested ₹300 crore so far in MEAL. Temasek will be investing the balance ₹900 crore as per the agreed timelines, it added.
At 2:30 pm, M&M shares were trading 0.87% higher at ₹2,322.50 apiece on the BSE.
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Published: 16 May 2024, 02:14 PM IST
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