Mumbai, July 31, 2024 – Mahindra & Mahindra Limited (M&M) has announced impressive financial results for the first quarter of FY25, showcasing robust growth and market dominance across various sectors. The Board of Directors approved the financial results, highlighting a consolidated PAT of Rs 3,283 crore, marking a 20% increase over the previous year, excluding one-time gains.
In the automotive sector, M&M solidified its position as the #1 SUV manufacturer with a revenue market share of 21.6%, a 130 basis points increase, and a 24% rise in volumes. The company also maintained its leadership in light commercial vehicles (LCVs) under 3.5T, achieving a market share of 50.9%, up 160 basis points.
In the farm equipment sector, M&M continued to dominate the tractor market with a 44.7% market share, up 180 basis points, and achieved the highest-ever quarterly volumes of 120,000 units, a 5% increase. The farm machinery sector saw a revenue growth of 34%, reaching Rs 265 crore.
The company led the electric 3-wheeler market with a 43.4% share. Mahindra Finance (MMFSL) reported a 23% growth in assets under management (AUM), with notable improvements in asset quality. The transformation of Tech Mahindra is underway, with a focus on improving margins. The company’s EBIT margin improved by 170 basis points, and PAT rose by 23%.
Consolidated revenue for the quarter stood at Rs 37,218 crore, up 10%. Excluding previous year’s one-time gains, consolidated PAT saw a 20% rise, reaching Rs 3,283 crore. The return on equity (RoE) remained robust at 19.4%.
In the automotive sector, M&M achieved the highest-ever Q1 volumes at 212,000 units, a 14% increase, with 124,000 units in utility vehicles (UVs). The company increased SUV production capacity from 49,000 units per month at the end of FY24 to 64,000 units per month by the end of FY25. Standalone PBIT for the auto sector rose by 39% to Rs 1,798 crore, with a PBIT margin of 9.5%.
In the farm equipment sector, standalone PBIT grew by 16% to Rs 1,506 crore, with an improved PBIT margin of 18.5%. Consolidated revenue for the farm sector remained steady at Rs 9,711 crore, while consolidated PAT increased by 4% to Rs 1,238 crore, excluding previous year’s gains.
In the services sector, MMFSL’s consolidated PAT surged by 37%, with significant improvements in asset quality. Tech Mahindra’s transformation efforts resulted in a 170 basis points improvement in EBIT margin and a 23% rise in PAT. Mahindra Lifespaces reported a threefold increase in residential pre-sales, reaching Rs 1,019 crore. Club Mahindra’s total income grew by 8% to Rs 384 crore, surpassing a cumulative member base of 300,000. Mahindra Logistics reported a 10% increase in revenue, reaching Rs 1,420 crore.
Dr. Anish Shah, Managing Director & CEO of M&M Ltd., emphasized the strong start to the fiscal year, with significant market share gains and margin expansions across all business segments. He highlighted the positive impact of strategic transformations at MMFSL and Tech Mahindra, reinforcing the company’s commitment to delivering scale in FY25.
Rajesh Jejurikar, Executive Director & CEO of the Auto and Farm sectors, noted the highest-ever quarterly tractor volumes and improvements in core tractor PBIT margins. He also pointed out the market leadership in SUVs and LCVs, with substantial growth in standalone PBIT for the auto sector.
Amarjyoti Barua, Group Chief Financial Officer, praised the robust margin expansions achieved through focused execution and confirmed the commencement of capital investment plans aligned with earlier commitments.
Mahindra & Mahindra’s Q1 FY25 performance reflects its strategic focus on market leadership, operational excellence, and transformative growth across its diverse business portfolio.
Rs cr.
| Q1 FY25 | Q1 FY24 | Growth% YoY | |
| Consolidated Results | |||
| Revenue | 37,218 | 33,892 | 10% |
| PAT | 3,283 | 3,508 | (6)% |
| PAT (excl. PY gains on KG Mobility and MCIE sale) | 3,283 | 2,745 | 20% |
Summary of standalone financials:
Rs cr.
| Q1 FY25 | Q1 FY24^ | Growth% YOY | ||
| Standalone Results | ||||
| Revenue | 27,133 | 24,403 | 11% | |
| EBITDA | 4,116 | 3,551 | 16% | |
| PAT | 2,613 | 2,759 | (5)% | |
| PAT (excl. PY gains on KG Mobility and MCIE sale) | 2,613 | 2,120 | 23% | |
| Volumes | ||||
| Total Vehicles sold | 2,11,550# | 1,86,138 | 14% | |
| Total Tractors sold | 1,20,492 | 1,14,293 | 5% |
# Includes 22,982 vol sold by separate entity “MLMML”, which was demerged from Sep’23 onwards. Revenue in standalone results do not include realisation from these volumes.
^ Results restated to include the effect of merger of MHEL, MTWL & Tringo
