Despite higher margins and top-line, M&M net slips 5.3%

MUMBAI: The homegrown automaker Mahindra & Mahindra has reported a marginal 5.3 percent year-on-year fall in standalone net in the June quarter at Rs 2,613 crore despite a healthy topline growth and robust margins.

The city-based automaker told reporters on Wednesday that its revenue from operations rose over 12 percent to Rs 27,038.79 crore in the reporting quarter and operating margins came in at 14.9 percent for the June quarter as against 13.6 percent. In the June 2023 quarter, M&M’s standalone profit had nearly doubled to Rs 2,759 crore, boosted by a one-time gain of over Rs 405 crore.

The company said its market share from a revenue angle in the SUV segment rose at 21.6 percent, up 130 bps, and in tractors it retained its market leadership 44.7 percent in the June quarter. In sub-3.5 tonne light commercial vehicles and e-three wheelers space, the company registered a market share of 50.9 percent and 43.4 percent, respectively.