Mahindra & Mahindra Ltd (M&M) said third quarter standalone net profit rose 155% to ₹1,353 crore as compared to a year ago due to better performance.
Net sales proceeds up 8% to ₹15,239 crore.
Commodity inflation and shortage of semiconductors impacted operating margin which stood at 11.9%. Automotive segment reported ‘healthy’ booking pipeline and ‘buoyant demand’ for its products and farm segment delivered ‘excellent’ performance with second-highest third quarter numbers in terms of profit before interest and tax and domestic volumes , the company said.
Anish Shah, MD and CEO, said, “We have seen improved performance across multiple businesses, as reflected in our consolidated performance.” “Our auto business has performed well despite supply-side challenges, while our agri business has shown increased market share despite the market slowdown.”
Rajesh Jejurikar, Executive Director, said: “Demand for the entire automotive product portfolio remains strong. The order book for the XUV700 and Thar reflects the customer and market success of these new launches. With improved availability of semiconductors, we are looking to build core SUVs. We expect to build on the volume growth momentum in Q4F22 in our journey to be No.1 in the country.
The company’s capital allocation and focus on profitability have led to consistent growth in return on equity over the past few quarters, said Group CFO Manoj Bhat. The company said its board had approved the sale of 9.24 acres of land in Kandivali, Mumbai to group entity Mahindra Lifespace Ltd for ₹365 crore.