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Mahindra: Record Q1 results: Consolidated PAT at INR 3,508 cr, up 60%

Consolidated PAT at INR 3,508 cr, up 60%

The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter ended June 30, 2023, of the Company and the consolidated Mahindra Group.

Key financials:

INR cr

Q1 FY24 Q1 FY23 Growth% YOY
Consolidated Results
Revenue 33,892 28,414 19%
PAT before EI 3,508 2,195 60%
PAT after EI 3,508 2,196 60%

PAT is PAT after Non-Controlling Interest
For summary of standalone financials, refer Annexure 1

Mahindra & Mahindra Limited delivered a stellar Q1 performance with a net profit of INR 3,508 cr, up 60%. Operating leverage drove improvements in profits by 2.2x in Auto, 58% in MMFSL, and 21% in Farm. This, coupled with capital allocation actions and monetisations, resulted in a significant step up in Group’s profitability.


  • Highest ever Q1 volumes at 186k, up 21%
  • Open bookings of SUVs at 281k+ (as on August 1, 2023), reflecting continued strong automotive demand
  • Launch of all new Bolero Maxx Pik-up range with iMaxx technology and segment first features
  • Standalone PBIT INR 1,252 cr, up 86% and PBIT margin 7.5%, up 220 bps
  • Consolidated PAT INR 1401 cr, up 203% including KG Mobility(SYMC) re-listing gain of INR 405 cr
  • Consolidated Revenue INR 16,999 cr, up 27%

Farm Equipment

  • 2nd highest quarterly volume at 114k
  • Farm machinery revenue INR 181 cr, up 24%; No 2 in Rotavators market share estimated at 23.5%
  • Global launch of Mahindra Oja lightweight tractor platform on August 15
  • Standalone PBIT INR 1,303 cr, up 16% and PBIT margin 17.5%, up 160 bps
  • Consolidated PAT INR 1,198 cr, up 21%
  • Consolidated Revenue INR 9,710 cr, up 9%


  • MMFSL AUM up 28%, PAT up 58% and GS3 at 4.3% improved by 370 bps
  • TechM revenue up 4%; one off provision and lower revenue impacting margins, initiated turnaround
  • Growth Gems on track

o Mahindra Lifespaces reported residential pre-sales of INR 345 cr

o Mahindra Logistics revenue INR 1,293 cr, up 8%

o Club Mahindra highest ever total income INR 355 cr, up 17%, occupancy at 90% and member additions ↑23%

o Susten wins 0.56 Gwp bid of solar projects. InvIT listing on track

o MCIE and Sanyo stake sale improve PAT by INR 460 cr

  • Consolidated PAT INR 909 cr, up 23%

Consolidated Revenue INR Revenue INR 8,044 cr, up 15%

Dr. Anish Shah, Managing Director & CEO, M&M Ltd. said, “During Q1, our businesses across Auto, Farm and Services delivered a strong performance. Auto led the way by strengthening its market leadership position and doubling its operating profit. Farm continues to increase market share quarter on quarter and deliver a double-digit profit improvements. In Services, MMFSL is on track to realise its full potential and transformation is underway at TechM. With this momentum, we are well on our way to deliver scale by transforming our core businesses and a 5x challenge for growth gems.”

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd., said, “Our endeavour to deliver innovative product offerings with strong execution has enabled a strong overall performance. In SUVs, we continue to be leaders in revenue market share for the sixth consecutive quarter with SUV volume crossing the one lakh milestone. In the tractor bussness, we have achieved 42.9% market share,highest since Q2 F20. Our E-3W business continued market leadership with 65.5% market share.”

Manoj Bhat, Group Chief Financial Officer, M&M Ltd., said, “Our consolidated results reflect the robust performance of our multiple businesses. We have also realised the benefits of value creation through our capital allocation actions. Our market leadership position in our Automotive and Farm businesses have helped us realise operating margin benefits.”

Annexure 1 Summary of standalone financials:

INR cr

Q1 FY24 Q1 FY23 Growth% YOY
Standalone Results
Revenue 24,368 19,813 23%
EBITDA 3,547 2,422 46%
PAT after EI 2,774 1,404 98%
Total Vehicles sold 1,86,138 1,53,462 21%
Total Tractors sold 1,14,293 1,17,413 -3%

SOURCE: Mahindra

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