Homegrown auto main Mahindra & Mahindra (M&M) on Tuesday reported an over eight-fold improve in its standalone revenue after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, using on the again of strong gross sales.
The Mumbai-based firm had posted a standalone PAT of Rs 162 crore within the July-September interval of earlier fiscal.
Income for the second quarter rose by 15 per cent to Rs 13,305 crore as in opposition to Rs 11,590 crore within the year-ago interval, M&M mentioned in a regulatory submitting.
The corporate mentioned it bought 99,334 automobiles through the interval underneath overview, up 9 per cent from 91,536 items within the second quarter of final fiscal.
M&M tractor gross sales nonetheless declined by 5 per cent to 88,920 items within the second quarter as in opposition to 93,246 items within the year-ago interval.
On a consolidated foundation, the Mahindra Group reported a PAT of Rs 1,929 crore as in contrast with Rs 615 crore within the Q2 of 2020-21. Income rose to Rs 21,470 crore within the second quarter as in opposition to Rs 19,227 crore within the year-ago interval.
We’ve seen important throughout enchancment in our efficiency this quarter. Our robust present within the auto and farm sectors was complemented nicely by the improved efficiency within the group corporations. Our investments in digital platforms are doing nicely and current a significant alternative to create and unlock worth,” M&M Managing Director and CEO Anish Shah mentioned.
M&M Govt Director Rajesh Jejurikar acknowledged that the Farm Gear Sector (FES) continued to ship strong efficiency each by way of market share and monetary metrics regardless of steep commodity inflation.
“We had a blockbuster XUV7OO launch witnessing bookings of greater than 70k. The demand for our different key automotive merchandise additionally stays robust. With higher availability of semiconductors, we hope to keep up the amount development momentum Q3 onwards,” he added.
M&M Group Chief Monetary Officer Manoj Bhat famous that commodity costs have impacted the margins in each the auto and farm enterprise, however the firm’s give attention to value administration and optimisation has helped mitigate a number of the impression.