M&M Q3 profit zooms 61% to Rs 2,454 crore, margin declines

Mahindra and Mahindra (M&M)’s standalone profit rose 60.6 per cent to Rs 2,454 crore in December quarter (Q3FY24), from Rs 1,528 crore in the same quarter a year ago (Q3FY23) on Wednesday.

The profit and revenue missed LSEG estimates as it was expecting the profit to come in at Rs 2,512 crore and revenue was expected at Rs 25,512 crore.

The Mumbai-based company’s revenue climbed 16 per cent annually to Rs 25,642.4 crore in December quarter, from Rs 22,112.5 crore in the same quarter a year ago.

The automaker’s operating profit, also known as EBITDA, rose 10 per cent to Rs 3,590.3 crore in December quarter, from Rs 3,273 crore in the same quarter previous fiscal year.

However, its margin dropped 80 basis points (bps) to 14 per cent in Q3FY24, from 14.8 per cent in Q3FY23.

As of 1:52 pm, shares of M&M were trading 0.80 per cent lower at Rs 1,632.80 per share.