About the company:
Mahindra & Mahindra Ltd. (M&M), founded in 1945 and headquartered in Mumbai, is a leading Indian multinational conglomerate with key operations in automobiles, farm equipment, and financial services. It is India’s largest SUV manufacturer with popular models like Scorpio, Thar, and XUV700, and the world’s largest tractor manufacturer by volume under Mahindra and Swaraj brands. The company also operates in IT (Tech Mahindra), renewable energy, aerospace, and defence. Expanding its electric vehicle (EV) portfolio, M&M is investing in sustainable mobility and advanced automotive technology. Listed on BSE and NSE, it is a major player in India’s NIFTY 50 and SENSEX indices with a strong global presence in over 100 countries.
Key Business Highlights
Automotive Segment:
#1 in SUV market with 23% revenue market share (+200 bps YoY).
SUV sales up 20% YoY, total volumes +16% YoY.
EV (Electric 3W + 4W) sales at 21.4K units, highest-ever quarterly billing.
Launched two new battery electric vehicles (BEVs); bookings for 9 e-SUV variants open on Feb 14, 2025.
Farm Equipment:
Market share at 44.2% (+240 bps YoY), highest-ever Q3 level.
Domestic tractor volumes up 20% YoY; international business faced challenges.
Strong Rabi season outlook with expected >15% growth in Q4 FY25.
Tech Mahindra & MMFSL:
TechM EBIT at 10.2% with strong telecom deal wins.
MMFSL AUM up 19%; GS3 asset quality improved to <4% threshold.
Other Growth Segments:
Logistics: Quick-commerce partnerships, focus on service improvement.
Hospitality: 84% occupancy, unit realization up 37% YoY.
Real Estate: Largest-ever ₹12,000 crore land acquisition in Bhandup.
Outlook & Strategy
Expanding EV portfolio with high-range electric SUVs (BEVs).
Continued leadership in SUVs and farm equipment through volume growth and margin expansion.
Investments in new-age businesses like real estate, logistics, and AI-driven services.
Targeting margin improvement across key businesses while maintaining high RoE.
Mahindra & Mahindra (M&M) Financial Performance for the Last Three Quarters (FY25)
| Metric | Q3 FY25 | Q2 FY25 | Q1 FY25 |
|---|---|---|---|
| Revenue | ₹41,470 crore | ₹35,237 crore | ₹33,406 crore |
| Consolidated PAT | ₹3,181 crore | ₹2,743 crore | ₹2,517 crore |
| Standalone PAT | ₹2,964 crore | ₹2,552 crore | ₹2,381 crore |
| Auto PBIT Margin | 9.7% | 9.4% | 8.8% |
| Farm PBIT Margin | 18.1% | 16.9% | 16.3% |
| TechM EBIT Margin | 10.2% | 9.8% | 9.5% |
| MMFSL AUM Growth | +19% YoY | +16% YoY | +14% YoY |
Recent updates:
Highlights from last con call:
Financial Performance
Revenue: ₹41,470 crore (+17% YoY)
Consolidated PAT: ₹3,181 crore (+20% YoY)
Standalone PAT: ₹2,964 crore (+19% YoY)
Auto PBIT Margin: 9.7% (+120 bps YoY)
Farm PBIT Margin: 18.1% (+260 bps YoY)
Tech Mahindra EBIT: 10.2% (+480 bps YoY)
MMFSL PAT: +47% YoY, AUM up 19%