M&M profit surges to ₹934 cr. on higher sales, cost control

Frist-quarter revenue more than doubles to ₹11,763 crore

Mahindra & Mahindra Ltd. (M&M) reported first quarter standalone net profit surged to ₹934 crore (before exceptional items) from ₹39 crore in the year-earlier period on higher sales and cost control. Revenue more than doubled to ₹11,763 crore. Consolidated net profit, which stood at ₹424 crore, was impacted by NPA provisioning of ₹2,517 crore at Mahindra & Mahindra Financial Services Ltd. (MMFSL). Consolidated revenue jumped 60% to ₹19,172 crore. Total vehicles sales almost trebled to 85,858 units while tractor sales rose 52% to 99,127. “Continued focus on cost optimisation and operating leverage helped maintain margins,” the company said in a statement. It said farm business delivered ‘excellent performance with the highest-ever first-quarter PBIT and ROCE.’