M&M Q4FY23 PAT up 17.9% at Rs2,637 crore on 83% growth in automotive operating profits

M&M reported 24.8% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs32,366 crore. Revenues were lower up 5.7% on sequential basis. Automobiles vertical reported highest ever volumes at 698,000, up 50% in FY23. Farm equipment volumes were up 15% at 404,000. M&M had SUV market share of 19.6% and over 41% in tractors, the highest in last 5 years.

For the automotive business, the fourth quarter operating margins were up 190 bps at 7.3% while the open bookings of SUVs stand at 292,000 showing robust demand. For farm equipment, the EBIT margins were up 100 bps at 16.7% yoy. While M&M reported 21% growth in total vehicles sold, it reported 24% growth in total tractors sold. The quarter saw strong traction in the automotive business as well as the farm equipment business.

Financial highlights for Mar-23 compared yoy and sequentially

 Mahindra & Mahindra    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 32,366

₹ 25,934

24.80%

₹ 30,620

5.70%

Operating Profit (Rs cr)

₹ 3,157

₹ 2,428

29.99%

₹ 3,046

3.62%

Net Profit (Rs cr)

₹ 2,637

₹ 2,237

17.85%

₹ 2,677

-1.49%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 23.58

₹ 20.00

 

₹ 23.94

 

OPM

9.75%

9.36%

 

9.95%

 

Net Margins

8.15%

8.63%

 

8.74%

 

 

The operating margins improved yoy from 9.36% to 9.75% but the net margins were lower at 8.15% compared to 8.63% in year ago period. This is more due to lower exceptional gains in the current quarter. The board has declared a final dividend of Rs16.25 per share. The company has seen an improvement in the interest coverage in the quarter, while the debt equity ratio stays comfortable at about 0.43 times.

Related Blogs
blog-logo

Share Market

blog-logo

15 mins read . 08 Jul 2024

Best Oil & Gas Stocks in India

  • 1 people read
blog-logo

Share Market

blog-logo

11 mins read . 08 Jul 2024

How to Withdraw SIP Amount?

  • 1 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions