The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter ended 30th June 2021 of the Company and the consolidated Mahindra Group.
Key highlights below:
Highlights of the financial results are :
- M&M operating margin at 13.9% despite Covid challenges and commodity price increase
- Continued focus on cost optimization and operating leverage helped maintain margins
Farm Equipment
- Farm Equipment Segment Revenue of Rs 5,319 crores and PBIT of Rs 1,081 crores
- The tractor industry witnessed strong demand growth (39%) during the quarter. The growth in company’s volume (48%) led to highest domestic market share in 8 quarters (41.8%)
- The Farm Business delivered excellent performance with highest ever first quarter PBIT and ROCE.
Automotive
- Automotive Segment Revenue of Rs 6,050 crores and PBIT of Rs 103 crores
- New launches on schedule
- Supro Profit Truck was launched on 7th July offering Mileage and Payload guarantee
- Received very positive initial feedback
- Bolero Neo was launched on 13th July:
- Only true-blue SUV in Sub 4m. segment
- ~5,500+ bookings achieved in less than a month
- The Sector continued its focus on cost optimization and reduction of fixed expenses
Others
- Mahindra and Mahindra Ranks #2 on ‘2021 India’s Best Companies to Work For’ List by Great Place to Work Institute® (June, 2021)
Commenting on Q1 FY22 performance …
Dr. Anish Shah, Managing Director & CEO, M&M Ltd, 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. Our growth gems are seeing good momentum and we will continue our stringent focus on fiscal discipline.”
Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, “We have embarked on the journey of bold, aggressive growth with a good start in Q1 FY2022. FES continued to deliver robust performance both in terms of market share and financial metrics. The demand for our key automotive products also remains strong. 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 semi-conductor supply issues continue to be of concern.”
Mr. Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said, “Our capital allocation actions delivered resilient financial results, despite significant headwinds of the pandemic and high commodity price inflation.”
SOURCE: Mahindra
