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Cars & Utility Vehicles company Mahindra & Mahindra announced Q1FY25 results:
- No. 1 in SUVs with revenue market share at 21.6%, up 130 bps; volumes up 24%
- No. 1 in LCVs <3.5T: market share at 50.9% , up 160 bps
- No. 1 in Tractors: market share at 44.7%, up 180 bps
- No. 1 in electric 3 wheelers: market share at 43.4%
- MMFSL AUM up 23%, asset quality improvement continues
- Tech Mahindra transformation underway, margins a key focus
- Consolidated Revenue at Rs 37,218 crore, up 10%
- Prior year PAT included one time gains on KG Mobility (405 crore) and MCIE stake sale (358 crore)
- Consolidated PAT at Rs 3,283 crore, up 20%~
- Robust RoE at 19.4%
- Auto:
- Highest ever Q1 volumes at 212k, up 14%; highest ever Q1 UV volumes at 124k
- SUV capacity increase from 49k pm (exit F24) to 64k pm (exit F25) on track
- Standalone PBIT Rs 1,798 crore, up 39% and PBIT margin 9.5%, up 180 bps
- Consolidated Revenue Rs 19,776 crore, up 16%
- Consolidated PAT Rs 1,330 crore, up 35% (excl. PY gains on KG Mobility)
- Farm:
- Highest ever quarterly volumes at 120k, up 5%
- Farm machinery Q1 revenue Rs 265 crore, up 34%
- Standalone PBIT Rs 1,506 crore, up 16% and PBIT margin 18.5%, up 100 bps
- Consolidated Revenue Rs 9,711 crore, flat
- Consolidated PAT Rs 1,238 crore, up 4% (excl. PY gains on KG Mobility)
- Services:
- MMFSL AUM up 23%, GS3 at 3.6% improved by 80 bps, consolidated PAT up 37%
- Tech Mahindra EBIT margin improved by 170 bps, PAT up 23%
- Mahindra Lifespaces residential pre-sales of Rs 1,019 crore, up 3x
- Club Mahindra total income Rs 384 crore, up 8%; crossed cumulative member base of 3 lakh
- Mahindra Logistics revenue Rs 1,420 crore, up 10%
- Consolidated Revenue Rs 8,736 crore, up 9%
- Consolidated PAT Rs 715 crore, up 26% (excl. PY gains on KG mobility and MCIE sale)
Anish Shah, Managing Director & CEO, M&M Ltd. said, “We have started the F25 fiscal year with strong operating performance across all our businesses. Capitalising on leadership positions, Auto and Farm continued to expand market share and profit margins. Transformation at MMFSL is yielding results as asset quality improves and transformation at TechM has commenced with margins as a key focus. With this momentum and relentless drive towards execution, we will continue to ‘deliver scale’ in F25.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “In Q1FY25, we gained market share in both Auto & Farm businesses. We achieved highest ever quarterly tractor volumes and also improved our Core Tractors PBIT margin by 110 bps YoY. We retained market leadership in SUVs with 21.6% revenue market share and in LCVs < 3.5T, we crossed 50.9% volume market share. Auto Standalone PBIT grew by 39% with margin improvement of 180 bps YoY.”
Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “We delivered robust margin expansion across our businesses through focussed execution. We continue to meet our external commitments. We have also commenced on our capital investment plans in line with what we communicated in May’24.”
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