Mahindra & Mahindra said that the total production in the month of December 2022 was 45,009 units, up by 80% from 24,970 units produced in the same period last year.
Sales increased by 48% YoY to 53,577 units in December 2022. Exports during the period under review was 3100 units (up 3% YoY).
Separately, Mahindra & Mahindra has announced the dissolution of Mahindra Tractor Assembly Inc., a wholly owned subsidiary of Mahindra Overseas Investment Company (Mauritius) Limited (MOICML) which is a wholly owned subsidiary of M&M.
Mahindra Tractor Assembly had applied for voluntary dissolution and it has been dissolved with effect from 30 September 2022 basis the 'Certificate of Dissolution' recorded with State of Delaware.
The revenue from operations of Mahindra Tractor Assembly for the year ended 31 March 2022 was Rs.16,26,920, constituting 0.00018% of the consolidated revenue from operations of the company. Its net worth as on 31st March, 2022 was negative Rs 11.42 crore constituting negative 0.02% of the consolidated net worth of the company.
Also Read
Meanwhile, CRISIL Ratings has reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the bank facilities and debt instruments of Mahindra and Mahindra (M&M).
CRISIL said that the ratings continue to reflect the leadership position of M&M in the tractor industry in India, its strong presence in the light commercial vehicles (LCVs) segment and the benefits of diversification. The ratings also factor in the strong financial risk profile, supported by a robust balance sheet with low leverage and high financial flexibility.
These strengths are partially offset by exposure to cyclicality inherent in the farm equipment (tractor) and automotive (auto) segments and risks pertaining to acquisitions and investments in subsidiaries/joint ventures (JVs).
Mahindra and Mahindra is among the top tractor manufacturers in the world and is a leading manufacturer of goods LCVs in India. It also manufactures UVs, medium and heavy CVs, three-wheelers, two-wheelers and passenger cars. The company has manufacturing facilities in Mumbai, Nashik, Igatpuri, Nagpur and Chakan, all in Maharashtra; Zaheerabad, Telangana; Rudrapur and Haridwar, Uttarakhand; and Jaipur, Rajasthan.
The auto major's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.
The scrip shed 0.10% to currently trade at Rs 1318.45 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
