M&M Ltd Q1FY24 result: Consolidated net profit up 56% YoY to Rs 3,683 cr

The consolidated net profit of Mahindra & Mahindra (M&M) Limited for the first quarter of the current financial year (Q1FY24) saw a rise of 56.04 per cent to Rs 3,683.87 crore, compared to Rs 2,360.70 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 22.86 per cent. In Q4FY23, the net profit of the company was Rs 2,998.37 crore.

The revenue from operations for Q1FY24 came in at Rs 33,406.44 crore, compared to Rs 28,412.38 crore year-on-year (YoY), which is a rise of 17.57 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was up 3.21 per cent. It was Rs 32,365.60 crore in Q4FY23.

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The total income for Q1FY24 came in at Rs 33,891.63 crore, compared to Rs 28,414.27 crore YoY, rising 19.27 per cent.

On a QoQ basis, the total income was up 4.42 per cent. It was Rs 32,455.65 crore in Q4FY23.

Anish Shah, managing director and chief executive officer, Mahindra & Mahindra 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 double-digit profit improvements. With this momentum, we are well on our way to deliver scale by transforming our core businesses and a 5x challenge for growth gems.”

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At 1:20 pm, the Mahindra & Mahindra Limited stock was trading at Rs 1,499.45.