While the revenue from the Auto segment was Rs 12,306 crore (up 103.4% YoY), Farm Equipment Sector (FES) revenue was Rs 6,689 crore (up 25.8% YoY) in Q1 FY23.
EBITDA improved by 43% to Rs 2,341 crore in Q1 FY23 from Rs 1,631 crore in Q1 FY22. EBITDA margin was 11.9% in Q1 FY23 as against 13.9% in Q1 FY22.
Total Vehicles sold in Q1 FY23 was 1,49,803 units, up 74% YoY. Total Tractors sold rose by 18% YoY to 1,17,413 units during the period under review.
On a consolidated basis, the company's net profit zoomed to Rs 2,196 crore in Q1 FY23 from Rs 424 crore in Q1 FY22. Revenue increased by 48% YoY to Rs 28,412 crore during the quarter.
Anish Shah, managing director & CEO, M&M, said, “Our performance this quarter is a reflection of the focus on delivering on our commitments to our stakeholders and customers. We saw good momentum across all our group companies, led by the strong results of the Auto and Farm sector.”
Rajesh Jejurikar, executive director, M&M, said, “We recorded our highest quarterly revenue for Auto and Farm segments and delivered robust operational and financial performance in Q1 FY23. M&M continues to maintain its no.1 position in SUV Revenue Market Share, while FES strengthened its leadership position with 42.7% tractor market share.
With 273k+ bookings, the demand for the automotive product portfolio remainsstrong. Following the blockbuster launch of Scorpio-N, we are excited about the next phase with the unveil of our Born Electric Vision later this month.”
Manoj Bhat, group chief financial officer, M&M Ltd, said, “We were able to deliver robust results despite the volatility, which is a testament to our business model. Our progress on our goals on RoE and growth are on track.”
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The scrip fell 1.32% to currently trade at Rs 1245.30 on the BSE.
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