Mahindra consolidated net up 20% in Q3 driven by farm and auto biz
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Net profit climbed to Rs3,181 crore on revenue of Rs41,470 crore, up 17% from a year earlier. The figures include those of its core automotive and farm equipment operations, as well as shareholdings in Mahindra Group firms such as Tech Mahindra, Mahindra Financial Services, and Mahindra Lifespace Developers Ltd.
The standalone entity housing the auto and farm businesses clocked a 19% on-year rise in quarterly net profit at Rs2,964 crore. Revenue grew 20% to Rs 30,964 crore, surpassing a Bloomberg poll of analysts which forecast a net profit of Rs 2,921 crore on revenue of Rs 30,837 crore.
“Overall, all our businesses are on a very strong growth path,” Anish Shah, group MD and CEO said at a press meet.
While the auto and farm businesses have been able to capitalise on the market leadership and posted volume growth and market share gains, Tech Mahindra and Mahindra Financial Services have been able to achieve full potential with a sharp jump in net profits, he noted.
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