M&M Q4 profit rises 4% to ₹2,754 cr. as Tech M weighs

Updated - May 17, 2024 02:22 am IST

Published - May 16, 2024 09:53 pm IST - Mumbai

Anish Shah.

Anish Shah. | Photo Credit: PTI

Mahindra & Mahindra Ltd. (M&M) reported fourth-quarter consolidated net profit grew 4% YoY to ₹2,754 crore, weighed down by weaker profitability at Tech Mahindra.

Consolidated revenue grew 9% to ₹35,452 crore. Net profit grew 10% in FY24 to ₹11,269 crore and revenue rose 15% to ₹1,39,078 crore.

“It has been an excellent year with most of our businesses delivering high level of performance,” said MD & CEO Anish Shah. “Auto continued its high growth trajectory, farm gained share in a tough market and Mahindra Finance delivered on asset quality. Tech Mahindra was a weak spot, the turnaround has commenced with the new organisation in place,” Mr. Shah added.

The auto segment posted FY24 profit growth of 64% at ₹10,718 crore as revenue grew 17% to ₹1,01,219 crore.

SUV push

M&M announced plans to invest ₹37,000 crore in the next three years on new models, with ₹27,000 crore to be invested in the auto business: ₹14,000 crore for ICE vehicles and ₹12,000 crore for EVs.

By 2030, M&M aims to introduce nine ICE and seven EV SUVs and another seven LCVs. Production was being ramped up from 49,000 units a month in FY24 to 64,000 units a month in FY25 and 72,000 units a month in FY26.

In FY24 the firm sold 8,24,939 vehicles, up 18%. But tractor sales were down 7% to 3,74,955 units.

The board has declared a dividend of ₹21.10 per equity share with face value of ₹5. 

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