Mahindra & Mahindra's (M&M) standalone net profit rose 14% to Rs 1,528.06 crore on 41% jump in revenue from operations to Rs 21,653.74 crore in Q3 FY23 over Q3 FY22.
Profit before exceptional items stood at Rs 2,586.50 crore in Q3 FY23, registering a growth of Rs 59.54% from Rs 1,621.25 crore recorded in the corresponding quarter previous year. The auto major reported an exceptional loss of Rs 628.88 crore, representing impairment provision for a certain long-term investment, impairment of certain assets of trucks and buses business, net off gain on sale of certain freehold land.EBITDA grew 56% to Rs 2,814 crore in Q3 FY23 from Rs 1,803 crore posted in Q3 FY22. EBITDA margin was at 13% in Q3 FY23 as compared to 11.7% recorded in the same period last year.
M&M sold 1,76,094 vehicles in Q3 FY23, recording a growth of 45.3% as against 1,21,167 vehicles sold in the same quarter a year ago. Total tractors sold in Q3 FY23 stood at 1,04,850 units, rising 14.3% year on year; recording its highest ever quarterly volumes.
The company's revenue from the Auto segment was Rs 14,796.53 crore (up 53.27% YoY), Farm Equipment Sector (FES) revenue was Rs 6,277.67 crore (up 20.31% YoY) in Q3 FY23.
On consolidated basis, the vehicle manufacturer reported 34.67% jump in net profit to Rs 2,676.56 crore on 29.78% rise in revenue from operations to Rs 30,620.19 crore in Q3 FY23 over Q3 FY22.
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Dr. Anish Shah, managing director & CEO, M&M, said, We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns.
Rajesh Jejurikar, executive director, M&M, said, Our efforts towards creating segment leading products and improving operational efficiencies have led to achievement of highest ever quarterly revenue and PBIT in Q3 FY23 for Auto and Farm sectors. In SUVs, we continue to be leaders in revenue market share for the 4th consecutive quarter and have celebrated another successful launch of the XUV4OO. In the tractor business, we have achieved 41% market share, highest Q3 market share in last 5 years.
Manoj Bhat, Group chief financial officer, M&M, said, Our operating margins improved by 130 basis points YoY led by operating efficiencies and our focus on fiscal discipline. We recorded our highest ever quarterly group revenue reflecting strong growth across businesses.
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
Shares of Mahindra & Mahindra shed 0.16% to Rs 1,370.35 on the BSE.
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