M&M posts 14 pc growth in third quarter profit

Mahindra & Mahindra has posted a 14 per cent rise in its profit after tax to Rs 2,044 crore for the quarter ended December 2022, against Rs 1,337 crore in the year-ago period.

According to the company, the revenue surged 41 per cent to Rs 21,654 crore in the reviewed quarter, against Rs 15,349 crore in the corresponding period the previous year.

The company also said its revenue from its Auto and Farm business also went up 42 per cent to Rs 21,074 crore in the reviewed period, which the company claimed it was the highest-ever revenue for the business. It also added that it had got a 14 per cent increase in its revenue from Farm business, which is its highest third quarter (Q3) volume.The company also said its revenue from Auto business went up 45 per cent, which the company said it is its highest Q3 volume.

The company also said its profit in the real estate business grew 33 per cent, its profit in logistics declined 21 per cent while its profit in hospitality went down 1.9 times during the third quarter of this fiscal.

M&M Managing Director and CEO Anish Shah said, "We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns."

( With inputs from ANI )