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%.

Also Read: Tata Motors Results 2024 Updates: Net profit rises 222% YoY to 17,407 crore, declares dividend of 6 per share

“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. 

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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.

Read all Q4 results here

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Published: 16 May 2024, 02:14 PM IST