Conference Call with Mahindra & Mahindra Ltd. Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Cars & Utility Vehicles company Mahindra & Mahindra announced Q3FY24FY24 & 9MFY24 results: Consolidated Financial Highlights Revenue: Rs 35,299 crore for Q3FY24, a 15% increase YoY; Rs 1,03,627 crore in 9MFY24, up by 17% YoY. PAT (Profit After Tax): Rs 2,658 crore for Q3FY24, showing a 34% increase YoY; Rs 8,515 crore in 9MFY24, increased by 33% YoY (excluding PY gains on SEL and Susten; PY Trucks impairment). EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): Rs 3,590 crore for Q3FY24, a 10% increase YoY; Rs 11,535 crore in 9MFY24, up by 25% YoY. PAT Margin: Stood at 7.5% both for Q3FY24 and 8.2% for 9MFY24. RoE (Return on Equity): 19% in 9MFY24. EPS (Earnings Per Share): Rs 76.1 in 9MFY24, a CAGR of 40% over the last two years. Segment-wise Performance Highlights Automotive: Revenue: Rs 19,380 crore for Q3FY24, a 26% increase; Rs 55,248 crore in 9MFY24, up by 24%. PBIT (Profit Before Interest and Taxes): Rs 1,530 crore for Q3FY24, up 56% (excluding PY Trucks impairment); Rs 4,195 crore in 9MFY24. Farm Equipment: Revenue: Rs 8,600 crore for Q3FY24, flat compared to last year; Rs 26,684 crore in 9MFY24, a 4% increase (excluding SEL gain). PBIT: Rs 1,051 crore for Q3FY24, down 5% YoY; Rs 3,570 crore in 9MFY24, increases by 20 bps. Services: Revenue: Rs 8,416 crore for Q3FY24, up by 12% (excluding PY Susten gain); Rs 24,516 crore in 9MFY24, a 13% increase (excluding PY Susten gain). PBIT: Rs 1,197 crore for Q3FY24; Rs 3,270 crore in 9MFY24. Market Share and Product Performance SUVs: #1 with a revenue market share of 21.0%, up by 40 bps. LCVs <3.5T: #1 with a market share of 49.6%, up by 310 bps. Tractors: #1 with a market share of 41.8%, up by 80 bps. Electric 3 Wheelers: Volume up by 54%, market share at 54%. Dr. Anish Shah, Managing Director & CEO, said: "Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit. Farm has gained market share despite tough market conditions. In Services, MMFSL had its lowest-ever GS3, and credit costs are trending as per guidance. TechM is working through challenging operating results but I feel good that the right actions are being taken to turn around its performance. We continued the journey of unlocking value in our growth gems with the listing of India's largest renewable InvIT and partnerships with marquee investors." Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), remarked: "We had a strong quarter for both Auto and Farm businesses. We were #1 in SUVs with a Revenue Market Share of 21% in Q3FY24 while further improving our Auto Standalone PBIT margins. We increased tractor market share by 80 bps to 41.8% in Q3FY24 even as the Tractor industry contracted on the back of last year's high base, weather vagaries, and lower reservoir levels. Our E-3W business is maintaining its market leadership with Q3FY24 market share of 54% and in 9MFY24 market share of 59.5%." Manoj Bhat, Group Chief Financial Officer, added: "We continue to meet our objectives of 18% ROE and value creation from capital allocation actions. It has been a good quarter with multiple businesses showing growth momentum." Result PDF
Conference Call with Mahindra & Mahindra Ltd. Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Cars & Utility Vehicles company Mahindra & Mahindra announced Q2FY24 & H1FY24 results: Q2FY24: Revenue: Rs 34,436 crore, a 15% YoY growth. PAT: Rs 2,348 crore, showing a 15% decrease compared to Q2FY23. PAT (excluding SEL): Rs 2,348 crore, up by 6% YoY. H1FY24: Revenue: Rs 68,327 crore, marking a 17% YoY growth. PAT: Rs 5,856 crore, with an 18% YoY increase compared to H1FY23. PAT (excluding SEL): Rs 5,856 crore, showing a robust 33% YoY growth. H1FY24 RoE at 20%; EPS at Rs 52.4, up 18% SUV revenue up 28%; revenue market share at 19.9%, up 90 bps #1 in LCVs <3.5T: market share at 49.6%, up 280 bps; highest in last 5 years #1 in Tractors: market share at 41.6%, up 150 bps #1 in electric 3-wheelers: volumes up 74%; market share at 61.1% Dr. Anish Shah, Managing Director & CEO, M&M; said, “During Q2, operating performance across Auto, Farm and Services was robust. Auto rapidly grew to double its operating profit. The farm continues to be resilient despite tough market conditions. In Services, MMFSL had its lowest-ever GS3 and turnaround is on track to unlock its full potential. Growth Gems are progressing well on the 5x challenge. TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18%, we are well on our way to delivering scale by transforming our core businesses and realizing the 5x challenge for growth gems.” Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M; said, “We delivered yet another robust performance in this quarter. We have maintained our SUV Revenue Market Share at 19.9% while further improving our Auto Standalone PBIT margins. In the tractor business, we increased our market share by 150 bps on the back of exciting new launches of Oja, Swaraj Target, and Naya Swaraj. Our E-3W business continued market leadership with 61.1% market share.” Result PDF