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.