Mahindra and Mahindra, an automobile giant, have recorded impressive growth in recent times. The company reported a remarkable 18% surge in their net profit for the fourth quarter of 2023, ending on the 31st of March. The net profit for the quarter amounted to Rs. 2,637 crore as compared to the year before when it was Rs. 2,237 crore. This was the all-time highest annual net profit for the company, amounting to Rs. 10,282 crore, which was a rise of 56% from the same period.
The Automotive business under Mahindra and Mahindra attributed to the surge in profits as it saw the highest-ever volumes at 698,000 in financial year 2023 – a 50% jump from the previous year. They also held a dominating 19.6% revenue market share in Q4 of 2023. Furthermore, they achieved the highest-ever electric three-wheeler (E-3W) volumes in the same quarter with 14,700 units.
Mahindra and Mahindra Managing Director, Anish Shah, credited the success to the “blockbuster year for the group” He also mentioned the success of the “mega launches in Automotive, steady growth at farm equipment, strong operating performance at financial services and value unlock through monetization and partnerships”.
Rajesh Jejurikar, the Executive Director of Mahindra & Mahindra, spoke of its dominance in the automotive market with their recently launched Bolero Maxx Pick-up range with iMaxx technology and segment-first features. He added that the farm equipment was scaled up for quantum growth with the financial year 2023 seeing a 38% increase in revenue. Furthermore, they achieved the highest-ever market share in the fourth quarter of the year at 40.7%, setting a record in the past twelve years.
Overall, Mahindra and Mahindra have had a remarkable quarter with the surge in net profits and also achieved record milestones with their automotive and farm equipment segments. This is an invaluable indication for the company’s future prospects in the market and is very promising.
