New Delhi: Mahindra & Mahindra on Friday reported a consolidated profit of INR 423.8 crore for April-June 2021 quarter, as against a loss of INR 48.9 crore for the same period last year.
Total income for Q1 FY22 was recorded at INR 19,368 crore compared to INR 12,163 crore in Q1 FY21. Revenues from operations were at INR 19,171.9 crore as against INR 11,969 crore in the first quarter of FY21.
The automaker sold a total of 85,858 vehicles in the first quarter of FY22, as against 29,619 vehicles in the first quarter of FY21.
Anish Shah, managing director & CEO, M&M, said, “Our focus on operational efficiency and financial discipline gives us the confidence that our core performance will continue. Our Farm business delivered yet another exemplary quarter result, while our auto business showed demand recovery.”
On a standalone basis, the company reported a profit of INR 855.6 crore, compared to INR 67.7 crore in a year ago period. Total income was at INR 11,967.9 crore as against INR 5,723.1 crore.
For the automotive segment, revenue from operations was at INR 6,050.2 crore during the April-June 2021 quarter as against INR 2,039.4 crore during April-June 2020.
For the farm equipment segment, revenue from operations were recorded at INR 5,318.5 in Q1 of the current financial year, compared to INR 3,340.8 crore in a year ago period.
Rajesh Jejurikar, executive director, M&M Ltd, said, “With upcoming launch of our most anticipated product XUV700, we plan to ride on the festive season with strong volume growth aided by rebound in Indian economy. However, commodity inflation and semiconductor supply issues continue to be of concern.”
“The tractor industry witnessed strong demand growth (39%) during the quarter. The growth in the company’s volume (48%) led to the highest domestic market share in 8 quarters (41.8%), the company said in a statement.