Mahindra and Mahindra announced its consolidated financial results for the first quarter of FY2022-2023 reporting a 418% gain in consolidated profits after tax. The company closed the first quarter of FY2023 with a consolidated profit after tax of Rs 2,196 crore – up from Rs 424 crore in the same period last year. Mahindra also revealed that its Farm and Auto sector posted its highest ever quarterly revenue in the April to June period at Rs 18,995 crore.
Commenting on the company’s performance 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.”
Mahindra reported total vehicle sales of 1,49,803 units in the first quarter of the new financial year, up 74% from 85,858 units in Q1 FY2022. The company said that it delivered 75,400 SUVs in the quarter ending June 2022 its highest number ever in a quarter while deliveries for pick-ups stood at 46,000 units. The company also reported open bookings of more than 1.65 lakh units for the period.
Mahindra reported open bookings in excess of 1.65 lakh units in the first quarter of FY2023 in the auto sector.
Speaking on the company’s performance 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.”
The company also reported total tractor sales of 1,17,413 units in the quarter, up 18% year on year, with its second highest profit before interest and tax for the first quarter at Rs 1,074 crore.
Mahindra readying to reveal five all-electric vehicle concepts in the coming weeks
Mahindra is currently gearing to reveal five new all-electric SUV concepts on August 15. The five new models will form part of the company’s born electric SUV range with plans in place to launch 4 ‘born electric’ SUVs in the market by 2027. Come September the company will reveal the new all-electric XUV400 which will go on sale early next year.
