Page 20 - Mahindra & Mahindra

M&M Q3 results: PAT rises 14% to Rs 1,528 crore; revenue jumps 41%

M&M will now focus on growing farm machinery revenues by 10-fold in next 5 years

M&M's Telangana plant to roll out its first electric vehicle next year

Auto maker Mahindra and Mahindra expects its first electric vehicle to roll out from its manufacturing plant in Zaheerabad, Telangana by 2024, a senior executive of the firm said on Friday. Speaking to reporters after announcing the third quarter results for FY2022-23, Rajesh Jejurikar, Executive Director, M&M Ltd said the new plant which will come in the existing facility will be up and running in two years. M&M on Thursday had said it signed a MoU with Telangana government for its proposed expansion plans at its existing manufacturing facility at Zaheerabad plant in Medak district. The estimated investment for the proposed expansion is expected to be approximately Rs 1,000 crore to be made over a period of eight years by the company or any of its group companies, the firm said. "It will be for both new product development and new plant for the electric vehicles. E-autos and e Jeeto (will be made in the plant). The commercial production will start in three to five years. ...

Mahindra & Mahindra Q3 PAT climbs 14% to 1,528 crore on robust sales

Mahindra & Mahindra (M&M) on Friday reported a 14 per cent rise in its profit after tax (PAT) to Rs 1,528 crore for the third quarter ended December 2022, driven by robust sales. The Mumbai-based automaker had reported a net profit of Rs 1,335 crore for the October-December period of the previous fiscal. Its revenue surged 41 per cent to Rs 21,654 crore for the third quarter compared to Rs 15,349 crore in the year-ago period. The company said it has sold a total of 1,76,094 vehicles during the period under review, up 45 per cent from 1,21,167 units a year ago. Tractor sales rose 14 per cent to 1,04,850 units in the third quarter against 91,769 units in the same quarter of the last fiscal. "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," ...

Mahindra to invest $121 million to set up EV facility in Telangana

Mahindra and Mahindra said on Thursday it will invest 10 billion rupees ($121 million) to set up a manufacturing facility in the southern state of Telangana to make electric three- and four-wheelers

Mahindra Electric Mobility to consolidate with parent M&M

The board of directors at Mahindra & Mahindra Ltd has given in-principle approval for consolidation of Mahindra Electric Mobility in the company.Mahindra Electricity Mobility is a step-down subsidiary of M & M. The consolidation will categorise EV operations in two focused verticals -- last mile mobility (LMM) and electric vehicle tech centre."Simplifying the structure will drive improvements through innovation, execution excellence, efficiencies and economies of scale," M & M said in a statement. "Additionally, it will unlock shareholder value."The initiative will provide LMM vertical with complete ownership of the value chain for last-mile mobility solutions to drive growth and execution.It will also provide EV tech centre with the depth of resources and energy with M & M's larger ecosystem of product development capability in Mahindra Research Valley (MRV) at Chennai, North America and Europe while exploring partnership and alliances.Executive Director Rajesh ...

Mahindra & Mahindra total sales grow 37% to 64,335 units in January

Auto major Mahindra & Mahindra (M&M) Ltd on Wednesday posted a 37 per cent growth in total vehicle sales at 64,335 units in January. It had registered a total sales of 46,808 units in January 2022. The total passenger vehicles sale was up 65 per cent at 33,040 units compared to 19,646 units sold in January 2022. The utility vehicle domestic sales during the previous month grew 66 per cent at 32,915 units as against 19,848 units in January 2022 despite disruptions in the supply chain of crash sensors and airbag ECUs due to the unavailability of semiconductors, the company said in a statement on Wednesday. The commercial vehicles domestic sales increased 3 per cent at 21,724 units in January 2023 as against 21,111 units in the corresponding period last year. Exports grew 5 per cent at 3,009 units in January from 2,865 vehicles shipped out in the year-ago period, the company said. The company also sold 6,562 three-wheeler units, including electric three-wheelers, in the domestic .

Auto shares in focus ahead of January sales; M&M up 2%, nears record high

Analysts remain positive on the auto sector given the expectation of double digit volume growth coupled with benign commodity price outlook leading to healthy margin recovery.

Maharashtra govt approves M&M proposal to set up Rs 10k-cr EV plant in Pune

The two sides signed an agreement to this effect at the World Economic Forum in Davos on Wednesday, M&M Ltd said in a statement

Stocks to Watch: Infosys, HCL Tech, Wipro, Shriram Finance, M&M, Just Dial

Stocks to Watch: IT shares are likely to be in focus after Infosys and HCL Technologies reported stronger than expected Q3 results; and Wipro scheduled to report earnings on Friday.

Mahindra launches new versions of its sports utility vehicle 'Thar'

Mahindra & Mahindra on Monday launched new versions of its sports utility vehicle Thar with price starting at Rs 9.99 lakh (ex-showroom). The new range includes rear wheel drive variants (without 4 wheel drive capability) in two engine options with manual and automatic transmissions, the auto major said in a statement. The two diesel-powered manual rear wheel drive trims are priced at Rs 9.99 lakh and Rs 10.99 lakh while the petrol automatic variant is tagged at Rs 13.49 lakh. The 4WD (4-wheel drive) range now comes with an advanced electronic brake locking differential, the company said. "To make our offering even better, we listened to our customers and engineered the new range of the Thar with important enhancements," Mahindra & Mahindra President, Automotive Division Veejay Nakra noted. By offering the new rear wheel drive variants, the company has made it much more accessible for probable customers, he added. "Our additions on the 4WD variant have been designed to please .

Mahindra & Mahindra reports total sale of 56,677 units in Dec 2022

Automobile major Mahindra & Mahindra Ltd. (M&M Ltd.), on Monday said that its overall auto sales for the month of December 2022 stood at 56,677 vehicles.

Here's Why Karnataka HC barred Irani, Classic Legends from using 'Yezdi'

Indian bikers' long wait for Jawa's Yezdi continues with latest verdict from Karnataka high court

Benchmark indices rise nearly 1% on heavy buying in oil, FMCG stocks

From the Sensex pack, Mahindra & Mahindra, Power Grid, Bharti Airtel, Bajaj Finserv, HDFC, Hindustan Unilever, Maruti, ITC, Titan, Nestle, Bajaj Finance and Reliance Industries were the major winners

Ola gears up to take on M&M and Tata Motors with electric CV plan

Likely to launch three-& four-wheeler commercial vehicles next year

Innovation, tie-ups key for India to become core of supply chain: M&M CEO

Scaling up innovation, more collaboration across businesses, larger firms, MSMEs and innovators are critical for India to become the core in the global supply chain instead of just being in the periphery, Mahindra & Mahindra Managing Director and CEO Anish Shah said on Friday. The country has got the best talent with innovations happening across universities and has strengths in manufacturing and it should not be just a "plus one" to China or Europe, he said, while speaking at the annual convention of industry body FICCI. "You heard a lot about 'China plus one' and more recently 'Europe plus one'. Why is it plus one? Why is India not at the core? Why are we on the periphery? What is missing?" he asked. Shah further said, "If you look at what we have today, we have got the best talent. We have got innovations that happen across our universities, across various different areas in India. We are the manufacturing strength now. "We have a government that's committed to driving change ..

M&M to invest Rs 10,000 cr to set up plant in Pune for upcoming EV range

Mahindra & Mahindra Ltd on Wednesday said it will invest Rs 10,000 crore in the next 7-8 years in the manufacturing and development of electric vehicles at Pune, Maharashtra. The investment of Rs 10,000 crore for electric vehicles has been approved under the Maharashtra government's industrial promotion scheme for electric vehicles, M&M said in a regulatory filing. "The company, through its subsidiary, will make investments of approximately Rs 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra's upcoming Born Electric Vehicles (BEVs)," it added. Some of these BEVs were showcased in Oxfordshire, UK, on August 15, 2022, it added. These electric SUVs are based on the INGLO EV platform and will be launched under the XUV brand and the all-new electric-only brand 'BE'. M&M Executive Director, Auto & Farm Sectors Rajesh Jejurikar said, "The government's focus on 'ease-of-doing-business' and progressive ...

Mahindra CEO sees US entry for new electric vehicles at least 5 years away

A US market entry "could likely be longer than five years because we have to win in some of our key markets first," including Europe, he added

Auto shares trade weak post November sales; Eicher, M&M down up to 3%

M&HCV segment witnessed mixed performance while LCV segment witnessed near double digit de-growth leading to overall de-growth in CV space.

Mahindra & Mahindra posts 56% rise in domestic passenger vehicle sales

Mahindra & Mahindra on Thursday reported a 56 per cent rise in domestic passenger vehicles sales at 30,392 units in November 2022. The company had sold 19,458 units in the same month last year, M&M said in a regulatory filing. Utility vehicle sales were at 30,238 units as against 19,384 units in the year-ago month, up 56 per cent. Sales of cars and vans were higher at 154 units as compared to 74 units in the same month last year. M&M President, Automotive Division Veejay Nakra said the growth in November sales was on the back of robust demand across the company's product portfolio. "The supply chain situation continues to be dynamic due to continuing international disruptions. We are keeping a close watch and are taking appropriate steps," he added. M&M said its total commercial vehicle sales were at 19,591 units last month. Total tractor sales grew 10 per cent at 30,528 units as against 27,681 units in the year-ago month, the company added. Domestic tractor sales ...

Brokerages see margin expansion at auto firms as outlook turns positive

Higher volumes and softer raw materials to drive expansion