Mahindra & Mahindra Ltd (M&M) reported fourth quarter standalone net profit on May 28, which grew five-fold to ₹1,292 crore as against ₹245 crore in the year-ago period, leading to a rise in the number of utility vehicles (UV) Record sales helped.
Standalone revenue grew 28% to ₹17,124 crore.
For FY22, standalone net profit grew five-fold to ₹4,935 crore, while revenue grew 29% to ₹57,446 crore, the UV and tractor maker said in a press release.
During the three months ended March, Mahindra & Mahindra sold a total of 1,52,204 vehicles, up 43% from the year-ago quarter. Quarterly UV sales volume reached an all-time high as a result of improved semiconductors supply, the company said.
MD & CEO Anish Shah said, “Our performance in Q4 and FY22 underscores the resilience of our business model.” “Despite significant challenges due to various factors such as COVID, commodity prices, semiconductor shortages and Ukraine conflict, we have delivered strong results at the consolidated level. All the companies in our group are well positioned to capitalize on the growth opportunities.”
Consolidated profit jumped 48% to ₹2,237 crore in the fourth quarter, while revenue grew 21% to ₹25,934 crore. Profit almost doubled from ₹3,348 crore to ₹6,577 crore for the full year at the consolidated level.
Sales volume for the full year increased 31% to 4,55,570 units. However, tractor sales declined 23% to 72,058 units in the fourth quarter, and remained almost flat at 3,50,981 units in FY22.
Rajesh Jejurikar, Executive Director, said, “With over 1,70,000 bookings, demand for the automotive product portfolio remains strong.
“Despite slowdown in the market and heavy commodity inflation, the farm equipment sector delivered the second highest full-year gain before interest and tax (PBIT).” He added.
“Our focus on capital allocation and improved financial metrics continues to deliver results,” said Group CFO Manoj Bhat, “as we continue our journey towards an 18% return on equity (ROE).