Mahindra & Mahindra reports 6% YoY drop in Q1 net profit; revenue rises 10% YoY

Mahindra & Mahindra (M&M) on Wednesday, July 31, reported a 6.4% year-on-year (YoY) drop in its consolidated net profit at ₹3,282.63 crore for the quarter ended June 30, 2024 (Q1 FY25). The company had posted a profit of ₹3,508.41 crore in the year-ago period. Revenue for the period came in at ₹37,218 crore, up 10% YoY from ₹33,892 crore in the June 2023-24 quarter.

The company added that in the year-ago quarter, the company's PAT (profit after tax) included one-time gains on KG Mobility (405 crore) and the MCIE stake sale (358 crore). Excluding them, the PAT figure was ₹2,745, which, when compared to Q1FY25's profit, translates to a rise of 19.58% in the figure. 

After the result announcement, shares of the company were trading 1.44% higher at ₹2,963.35 apiece on the BSE.

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 ₹1,798 crore, up 39% and PBIT margin 9.5%, up 180 bps
• Consolidated Revenue ₹19,776 crore, up 16%
• Consolidated PAT ₹1,330 crore, up 35% (excl. PY gains on KG Mobility)

Farm

• Highest ever quarterly volumes at 120k, up 5%
• Farm machinery Q1 revenue ₹265 crore, up 34%
• Standalone PBIT ₹1,506 crore, up 16% and PBIT margin 18.5%, up 100 bps
• Consolidated Revenue ₹9,711 crore, flat
• Consolidated PAT ₹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 ₹1,019 crore, up 3x
• Club Mahindra total income ₹384 crore, up 8%; crossed cumulative member base of 3 lakh
• Mahindra Logistics revenue ₹1,420 crore, up 10%
• Consolidated Revenue ₹8,736 crore, up 9%
• Consolidated PAT ₹715 crore, up 26% (excl. PY gains on KG mobility and MCIE sale)

Standalone numbers