Mahindra & Mahindra announced its financial results for Q3 FY2022. The homegrown company reported a 57 per cent growth in the Q3 profit, enhanced by higher demand for the automaker's commercial vehicles and farm equipment that offset an increase in costs due to supply chain disruptions. The revenue from operations for Q3 FY2022 came in at Rs. 15,239 crore, up 8 per cent against Rs. 14,057 crore in the year-ago period. The consolidated net profit for the company from continuing operations was Rs. 1,987 crore rupees for the Q3 ended December 31, 2021, up from Rs. 1,268 crore for the quarter ended December 31, 2020. The consolidated revenue from group operation increased by 9 per cent to Rs. 23,594 crore for the Q3 FY2022 as against Rs. 21,626 crore in the corresponding quarter of last year.
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Anish Shah, MD & CEO, M&M Ltd, said, “We have seen improved performance across multiple businesses as reflected in our consolidated performance. Our Auto business has done well despite supply-side challenges while our Farm business has shown market share increase despite a slowdown in the market.”
The farm equipment business saw a hike of 8 per cent, selling 2,78,923 units for the Q3 ended December 31, 2021.
Rajesh Jejurikar, Executive Director, M&M Ltd, said, “With better availability of semi-conductors, we hope to build the volume growth momentum in Q4 F22 in our journey to being No 1 in core SUVs. FES gained 140 basis points market share YOY in Q3 F22 and delivered robust financial metrics despite market slowdown and steep commodity inflation.”
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As far as the consolidated sales for passenger vehicles and tractors go, during Q3 FY2022, the company sold a total of 1,18,174 units compared to 1,21,133 units sold in Q3 FY2021, a decline of 2 per cent, while the farm business also took a hit of 9 per cent as it sold 91,769 units in Q3 FY2022 as against 1,00,696 in Q3 FY2021. However, the company registered a 25 per cent growth as it sold 3,03,366 units in the last 9 months for the Q3 ended December 31, 2021, as compared to 2,42,288 units sold for Q3 ended December 31, 2020. Similarly, the farm equipment business saw a hike of 8 per cent, selling 2,78,923 units for the Q3 ended December 31, 2021, as against 2,58,387 units sold during Q3 ended December 31, 2020.
