Mahindra & Mahindra Ltd. (M&M) reported consolidated Q4 net profit grew 4% to ₹2,754 crore from a year earlier despite low rural demand leading to lower tractor sales and weaker profitability at Tech Mahindra.
Q4 Consolidated revenue grew 9% to ₹35,452 crore over the same period last year. The firm’s consolidated net profit grew 10% in FY24 to ₹11,269 crore and revenue grew 15% to ₹1,39,078 crore.
Anish Shah, MD & CEO, M&M Ltd. said, “It has been an excellent year with mostof our businesses delivering high level of performance. Auto continued its high growth trajectory, farmgained share in a tough market and Mahindra Finance delivered on asset quality. Tech Mahindra was a weak spot, the turnaround has commenced with the new organization in place.”
“Growth gems are performing well,with Mahindra Susten and last mile mobility leading the way. We also made progress on sustainability, diversity andwomen empowerment,” Mr. Shah added.
The auto segment reported 32% growth in Q4 net profit at ₹2,038 crore and annual growth of 64% at ₹10,718 crore. Annual revenues grew 17% to ₹1,01,219 crore.
In FY24 the firm sold 8,24,939 vehicles, up 18% year-on-year (YoY). But tractor sales were down 7% YoY to 3,74,955 units.
The board has declared a dividend of ₹21.10 per equity share with face value of ₹5.
The company also announced to invest ₹37,000 crore in the next three years to develop new models. Out of this ₹27,000 crore will be invested in the auto division – ₹14,000 crore for ICE vehicles and ₹12,000 crore for EVs.
By 2030 M&M will introduce seven ICE and EV SUVs in each of the segments. Production is being ramped up from 49,000 units a month in FY24 to 64,000 units a month in FY25 and 72,000 units a month in FY26.
The company which recently unveiled the XUV 3XO said it received 50,000 bookings in one hour. Besides this, the company as on May 1, 2024 had total bookings of 2,20,000 units of its various SUV models.
