Mahindra & Mahindra (M&M) on Friday reported a 22 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,548.97 crore for the March quarter compared with Rs 1,268.55 crore in the corresponding quarter last year. Standalone revenue from operations jumped 30.94 per cent YoY to Rs 22,571.37 crore compared with Rs 17,237.76 crore in the same quarter last year.
The Mahindra & Mahindra board has recommended a final dividend of Rs 16.25 per share for FY23.
Managing Director & CEO at Anish Shah said FY23 was a blockbuster year for M&M. Auto led the way with record-breaking launches, he said adding that the company regained the first position for SUV revenue market share.
LCVs, farm equipment, and electric three-wheelers continue to strengthen leadership position, Shah said.
Following the results announcement, M&M shares were trading 0.27 per cent higher at Rs 1,281 on BSE.
"Amongst the group companies, MMFSL turnaround is clearly visible with record disbursement and improved asset quality. Our growth gems continue to execute on their scale-up strategy. We are very well positioned for the future, based on a strong presence in key industries, leadership in technology and a growth mindset, coupled with fiscal discipline,” Shah said.
Executive Director & CEO for Auto and Farm Sector, Rajesh Jejurikar, said, “We are excited about the market momentum in both the auto and farm equipment segments and about crossing the milestone of 1.1 million vehicles in FY23. The response to new products has been very good with exciting new launches planned over the next 12 months. The efforts on cost management have led to consistent margin improvement.”
Group Chief Financial Officer Manoj Bhat said: “Secular revenue growth across the group along with strong operating leverage has helped us cross the milestone of Rs 10,000 crore in profits. Our sharp focus on capital allocation, monetization and innovative partnerships continues to unlock value.
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