Q1 results: M&M's consolidated net profit jumps more than 5 times

Mahindra said it received more than 100,000 orders within 30 minutes of opening books for its Scorpio-N SUV, worth around Rs 18,000 crore in sales value

Consolidated net profit at Mahindra and Mahindra (M&M) jumped more than five times in the June quarter from the year-ago period on account of provisioning at its finance arm, Mahindra Financial Services. Additionally, a strong operational performance of the auto business also drove up the earnings.

M&M’s consolidated net profit increased to Rs 2,196 crore from Rs 424 crore, while revenue rose 67 per cent year-on-year to Rs 28,412 crore from Rs 19,172 crore in the June quarter. In the first quarter of FY22, it had made a provision of Rs 2,517 crore. This had impacted the consolidated earnings. It