M&M consolidated Q3 net jumps 60% to Rs 1,476 cr, operating margin falls

Mahindra & Mahindra and its subsidiary Mahindra Vehicle Manufacturers reported a 60 per cent YoY rise in their consolidated net profit at Rs 1,476 crore for third quarter (October-December) of FY19.

Revenue for the quarter rose 14 per cent to Rs 13,235 crore, against Rs 11,594 crore in the year-ago quarter. 

Operating margin stood at 13.2 per cent against 14.7 per cent reported in the corresponding quarter last fiscal.

Number of vehicles sold during the quarter came in at 1,33,508 units, up 10 per cent against 1,21,786 in the year-ago period. 

For Q3F2019, the Indian auto industry (excluding two wheelers) posted a flat performance with a de-growth of 0.3 per cent. This flattening of growth is driven by the Passenger Vehicle industry reporting a de-growth of 0.8 per cent (UV segment de-growing 2.9 per cent) and the MHCV goods industry de-growing by 8.2 per cent, the company said in its press release. 

 In Q3F2019, the total domestic automotive volume for the Company grew by 9.6 per cent with the LCV< 2T (mini truck segment) and the LCV 2-3.5T Pik-Up segment growing by 37.5 per cent and 14.4 per cent, respectively over the corresponding quarter previous year. The Company exported 9,652 vehicles during the current quarter, a growth of 36.6% over the corresponding quarter previous year, M&M said. 

At 01:50 am, shares of M&M were trading at Rs 684.05 on NSE, down 2.40 per cent.