Mahindra & Mahindra Ltd. (M&M) reported fourth-quarter consolidated net profit grew 4% YoY to ₹2,754 crore, weighed down by weaker profitability at Tech Mahindra.
Consolidated revenue grew 9% to ₹35,452 crore. Net profit grew 10% in FY24 to ₹11,269 crore and revenue rose 15% to ₹1,39,078 crore.
“It has been an excellent year with most of our businesses delivering high level of performance,” said MD & CEO Anish Shah. “Auto continued its high growth trajectory, farm gained 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 organisation in place,” Mr. Shah added.
The auto segment posted FY24 profit growth of 64% at ₹10,718 crore as revenue grew 17% to ₹1,01,219 crore.
SUV push
M&M announced plans to invest ₹37,000 crore in the next three years on new models, with ₹27,000 crore to be invested in the auto business: ₹14,000 crore for ICE vehicles and ₹12,000 crore for EVs.
By 2030, M&M aims to introduce nine ICE and seven EV SUVs and another seven LCVs. Production was 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.
In FY24 the firm sold 8,24,939 vehicles, up 18%. But tractor sales were down 7% to 3,74,955 units.
The board has declared a dividend of ₹21.10 per equity share with face value of ₹5.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
