Mahindra & Mahindra's March quarter results zoomed past analyst estimates, delivering strong numbers across the board.
By the numbers:
- Net profit up 19.6% at ₹2,437 cr vs ₹2,000 cr (YoY)
- Revenue up 24.5% at ₹31,353 cr vs ₹25,183 cr (YoY)
The deets: M&M saw solid demand across its product lineup, from tractors and SUVs to commercial vehicles, which led to a meaningful boost in sales.
During the quarter, total vehicle sales grew 18% YoY to 2.53 lakh units, while tractor sales rose 23% YoY to 87,138 units.
The company also benefited from strong operational execution, which simply means it did the basics right. Production stayed efficient, deliveries were on time, costs were kept in check, and there were no major hiccups in operations or supply chain.
Another big reason behind the solid performance was smart financial discipline. M&M stayed focused on investing in the right opportunities, particularly in fast-growing segments. Instead of spending recklessly, it ensured that every rupee deployed worked hard, helping improve returns while avoiding excessive risk or unnecessary borrowing.
Comparison: M&M held its ground with a 19.6% profit jump in Q4, driven by strong SUV and tractor sales. Tata Motors stole the show, clocking 46% quarterly profit and double-digit growth in both passenger and commercial vehicles, thanks in part to JLR’s global comeback.
Over at Maruti Suzuki, things weren’t as cheerful; profits dipped 4.3% as discounts and marketing costs weighed down small car sales, although its SUVs did some heavy lifting. Among two-wheelers, Hero MotoCorp and Bajaj Auto both surged up earnings by around 18%, riding on steady demand and strong rural pickup.
Zoom out: M&M’s earnings tell us rural demand is alive and well, because tractors are a strong proxy for farm activity and rural income. On the other hand, SUVs continued to perform well in urban markets, with models like the Scorpio-N, XUV700, and Thar leading the charge.
The company also continued to dominate in the utility vehicle space, where it holds one of the largest market shares in India.
Big theme: India’s auto sector wrapped up FY24 on a high note.
The EV market witnessed significant growth, with passenger EV sales reaching 99,004 units in 2024, a 20% increase from the previous year. Tata Motors maintained its leadership in the EV segment, although its market share saw some decline due to increased competition.
