Record volumes in auto segment
The auto segment achieved record volumes in Q2, with total vehicle sales reaching 231,000 units, up 9% year-on-year. Within this, SUV sales were particularly robust, with volumes rising by 18%. M&M maintained its leadership in the SUV market, capturing a revenue market share of 21.9%, up 190 basis points year-on-year. The light commercial vehicle (LCV) segment (vehicles under 3.5 tonnes) also showed strength, with Mahindra’s market share rising by 260 basis points to 52.3%, further consolidating its position as the market leader.
Anish Shah, Managing Director & CEO, M&M Ltd. said, “Our businesses have delivered a solid operating performance this quarter. Auto and Farm continued to strengthen market leadership by gaining market share and expanding margins. MMFSL GS3 remained under 4% (at 3.8%) and end losses have improved structurally. TechM delivered a good quarter and the long-term focus remains on reverting to past profitability. Our growth gems are progressing well on the 5x challenge.”
Farm segment resilience amid global headwinds
In the farm sector, M&M achieved its highest-ever Q2 market share at 42.5%, with tractor volumes up by 4% year-on-year to 92,000 units. Farm machinery revenue increased by 14% to INR 253 crore, showcasing domestic growth despite global market pressures. However, the consolidated revenue for the farm segment declined slightly by 2% to INR 8,194 crore due to macroeconomic headwinds in international markets. The farm segment’s PAT remained flat at INR 800 crore, reflecting external challenges in the global agricultural landscape.
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “In Q2 FY25, we gained market share across both our Auto and Tractor businesses. SUV volumes increased by 18% YoY, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches. Volume market share for LCVs
Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “While the Auto and Farm segments continue to deliver the strong performance we have come to expect of them, this quarter also reflected the strength of our Services portfolio. This has been the trend through H1 F25 and we expect it to continue for the rest of the year in line with our strategy.”>
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