M&M October business update: Production jumps 30% to 1.24 lakh units, exports rise sharply

Résumé détaillé

Mahindra & Mahindra reported a 30.4% year-on-year rise in October production to 1.24 lakh units, while exports surged 77.5%.

Mahindra & Mahindra (M&M) reported a 30.44% year-on-year increase in total production volume to 1.24 lakh units in October, compared with 94,873 units in the corresponding month last year, according to its monthly business update.

The automaker's total sales volume rose 7.3% to 1.27 lakh units, against 1.18 lakh units in October last year. Exports emerged as a key growth driver, with volumes jumping 77.5% year-on-year to 7,241 units from 4,079 units.

Ahead of the October business update, shares of Mahindra & Mahindra closed 1.38% lower at ₹3,408.70 on the BSE on Thursday, November 12.

The update comes after M&M reported a largely in-line performance for the September quarter, with standalone revenue rising 27.1% year-on-year to ₹42,477 crore. Standalone net profit increased 12.8% to ₹5,101 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹4,913 crore, up 2.2% from a year ago. EBITDA margin, however, contracted 260 basis points to 11.6%.

The automotive business continued to be a key contributor to quarterly performance, with revenue rising 36.1% year-on-year to ₹33,936 crore. Revenue from the farm equipment business grew a more modest 0.6% to ₹8,594 crore.

On a consolidated basis, M&M reported a 25% increase in revenue to ₹57,553 crore, while profit rose 25% to ₹4,588 crore. The company had also highlighted strong SUV volume growth and continued momentum in its electric vehicle portfolio.

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