The company’s total income from operations during Q4 FY24 stood at INR 35,451.73 crore as against INR 32,455.65 crore in Q4 FY23.
Dr. Anish Shah, Managing Director & CEO, M&M said, “It has been an excellent year with most of our businesses delivering high level of performance. Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality. TechM was a weak spot, the turnaround has commenced with the new organization in place. Growth gems are performing well, with Susten and LMM leading the way.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M said, “We continue to be No 1 SUV player by revenue and gained 3.5% market share in LCVs < 3.5T category. We also improved our Auto Standalone PBIT margin by 190 bps during this period. In tractors, we achieved a market share of 41.6%, a gain of 40 bps during FY24 and improved our core tractor PBIT margins by 30 bps. Our farm machinery segment continued to have robust revenue growth of 32%.”
Manoj Bhat, Group Chief Financial Officer, M&M said, “Our disciplined capital allocation and sharp focus on operating metrics helped generate record cashflows in FY24. We also repaid debt of 3.1k cr. and delivered RoE of 18.4%. Through these steps, we have built a foundation to support the next phase of our growth.”
“Auto had another solid year with profits growing 2.5x. Farm improved market share in a declining industry. Financial services made strong progress on asset quality with record low GS3. Growth gems progressed well on the 5x challenge with continued value unlocking,” the automaker said in a statement.
For the full year FY24, its consolidated net profit grew 25% at INR 11,269 crore as against INR 9,025 crore in FY23.
Revenue was up 15% at INR 1.39 lakh crore in the year ended March 2024 when compared to INR 1.21 lakh crore in corresponding period of last year.
The company said its board has approved a dividend of INR 21.10 per share of the face value of INR 5 each
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