M&M Q4 results: Net profit rises 32% to ₹2,038 crore, revenue up 11% YoY; declares dividend of ₹21.10
₹2,038.21 crore in the fourth quarter of FY24, registering a growth of 31.6% from ₹1,548.97 crore in the year-ago period. The auto major’s revenue from operations in Q4FY24 increased 11.24% to ₹25,108.97 crore from ₹22,571.37 crore, year-on-year (YoY). At the operational front, earnings before interest, taxes, depreciation and amortization (EBITDA) in the March quarter rose 12% YoY to ₹3,119 crore from ₹2,789 crore, while EBITDA margin remained flat at 12.4%.
“Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality," said Anish Shah, Managing Director & CEO, M&M Ltd. During the quarter ended March 2024, M&M’s automobile segment volumes were at 2,15,280 units, up 14% YoY. The farm equipment segment sold 71,039 tractors in Q4, down 20% YoY.
“We continue to be #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%," said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. M&M Dividend The board of directors of M&M recommended a dividend of ₹21.10 per share equity share, or 422%, of the face value of ₹5 each. The record date for the dividend is July 5, 2024, and the dividend will be paid after July 31, 2024.
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