M&M shares fall 5% amid across-the-board sell-off; auto major bags 'record' bookings for new EVs; check details

The Mumbai-based auto major claimed the booking number translates to a value of ₹8,472 crore (at ex-showroom price).

The company commenced bookings for the complete lineup of XEV 9e and BE 6 on Friday.

"Mahindra Electric Origin SUVs create a new record in the EV category by clocking 30,179 bookings on Day 1 with a booking value of ₹8,472 crore (at ex-showroom price)," Mahindra Group Chairman Anand Mahindra said in a tweet.

The split between the XEV 9e and BE 6 is 56% and 44%, respectively, the company said.

The top-end Pack Three, featuring a 79 kWh battery, accounted for 73% of the total bookings across both brands, it added.

The two models are priced between ₹18.9 lakh and ₹30.5 lakh (ex-showroom).

Electric passenger vehicle sales in India stood at around 1 lakh units last year.

M&M Q3 FY25 Results

Mahindra & Mahindra reported a 20% jump in consolidated profit after tax at ₹3,181 crore in the December quarter over the corresponding quarter of the previous fiscal.

The company posted a consolidated PAT of ₹2,658 crore in the third quarter of FY23-24.

Revenue for the quarter under review grew 17% year-on-year at ₹41,470 crore from ₹35,299 crore a year earlier, the company said.

In the auto segment, the company said quarterly volumes stood at 245000, up 16% year-on-year, while UV volumes for the quarter stood at 142000.

Auto segment revenue for the December quarter of the current fiscal was seen at ₹23,391 cr, a growth of 21% over the same quarter last year, while consolidated Profit After Tax (PAT) stood at ₹1,438 crore, up 20% year-on-year, it said.

"Our businesses continue to demonstrate strength in execution. Auto and Farm delivered solid performance on market share and margins, on the back of focused execution. The transformation at TechM is gathering momentum," said Anish Shah, Managing Director & CEO of M&M Ltd.

He said Mahindra Financial Services (MMFSL) continues to balance asset quality and growth priorities, with Gross Stage (GS) under 4% on the back of strong AUM (Assets Under Management) growth.

The company's Q3 consolidated results reflect strong performance across multiple businesses despite global headwinds, said Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. "Our operating businesses remain laser-focused on execution, and we remain committed to disciplined capital allocation to drive long-term shareholder value creation," Barua added.

M&M stock performance

Shares of M&M have rallied 59% in the past 12 months and just 7% in the past six months.