Mahindra & Mahindra Ltd. (M&M) reported a 4% year-on-year rise in consolidated net profit in the fourth quarter to ₹2,754 crore, led by weaker profitability at Tech Mahindra.
Consolidated revenue rose 9% to ₹35,452 crore. Net profit grew 10% in FY24 to ₹ 11,269 crore and revenue increased 15% to ₹ 1,39,078 crore.
“It was an excellent year with most of our businesses achieving robust levels of performance,” said CEO and CEO Anish Shah. “Auto continued its high growth trajectory, the farm gained share in a challenging market and Mahindra Finance ensured asset quality. Tech Mahindra was a feeble point, the change started with the introduction of the modern organization,” Mr. Shah added.
The automotive segment saw its FY24 profit grow by 64% at ₹ 10,718 crore, with revenue growing by 17% to ₹ 1,01,219 crore.
Pushing an SUV
M&M has announced plans to invest ₹ 37,000 crore over the next three years in modern models, of which ₹ 27,000 crore is to be invested in the car business: ₹ 14,000 crore in ICE vehicles and ₹ 12,000 crore in electric vehicles.
By 2030, M&M intends to launch nine ICE SUVs and seven EVs, as well as another seven commercial vehicles. Production grew from 49,000 units per month in FY24 to 64,000 units per month in FY25 and 72,000 units per month in FY26.
In FY24, the company sold 8,24,939 vehicles, growing by 18%. However, tractor sales declined by 7% to 3,74,955 units.
The board declared a dividend of £21.10 per share with a par value of £5.
