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EQUITY - MARKET SCREENER

Mahindra & Mahindra Ltd
Industry :  Automobiles - Passenger Cars
BSE Code
ISIN Demat
Book Value()
500520
INE101A01026
420.5668828
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
M&M
34.35
368146.71
EPS(TTM)
Face Value()
Div & Yield %
86.19
5
0.69
 

mahindra & mahindra ltd
M&M gains after Q4 PAT rises 32% YoY to Rs 2,038 cr; declares dividend of Rs 21.10/ share
May 16,2024
Profit before tax stood at Rs 2,650.50 crore in Q4 FY24, registering a growth of Rs 54.90% from Rs 1,711.09 crore recorded in the corresponding quarter previous year.

The EBITDA grew 21.72% to Rs 3,446 crore in Q4 FY24 from Rs 2,831 crore posted in Q4 FY23.

M&M sold 2,15,280 vehicles in Q4 FY23 (Includes 23,412 volume sold by separate entity “MLMML”, which was demerged from September 2023 onwards), recording a growth of 14% as against 1,89,227 vehicles sold in the same quarter a year ago. Total tractors sold in Q4 FY24 stood at 71,039 units, down 20% year on year.

The company's revenue from the Auto segment was at Rs 19,910.34 crore (up 20.03% YoY), Farm Equipment Sector (FES) revenue was at Rs 5,226.95 crore (down 13.05% YoY),

This quarter saw a surge in Auto and Farm Investments services revenue, reaching Rs 80.45 crore and Rs 214 crore respectively, compared to Rs 2.73 crore and Rs 27.47 crore in Q4 FY23. However, Investments in Industrial Businesses & Consumer Services revenue tumbled to Rs 32.63 crore from Rs 421.02 crore recorded in Q4 FY23.

On consolidated basis, the vehicle manufacturer reported 4.45% increase in net profit to Rs 2,754.08 crore on 9.29% rise in revenue from operations to Rs 35,373.34 crore in Q4 FY24 over Q4 FY23.

Dr. Anish Shah, managing director & CEO, M&M, said, “It has been an excellent year with most of our businesses delivering high level of performance. Auto continued its high growth trajectory, Farm gained share in a tough market and Mahindra Finance delivered on asset quality. TechM was a weak spot, the turnaround has commenced with the new organization in place. Growth gems are performing well, with Susten and LMM leading the way. We also made significant progress on sustainability, diversity and our efforts on women empowerment.”

Rajesh Jejurikar, executive director, M&M, said, “We demonstrated stellar performance across Auto & Farm segments in FY24. We continue to be #1 SUV player by revenue and gained 3.5% market share in LCVs < 3.5T category. We also improved our Auto Standalone PBIT margin by 190 bps during this period. In tractors, we achieved a market share of 41.6%, a gain of 40 bps during FY24 and improved our core tractor PBIT margins by 30 bps. Our farm machinery segment continued to have robust revenue growth of 32%.”

Manoj Bhat, Group chief financial officer, M&M, said, “Our disciplined capital allocation and sharp focus on operating metrics helped generate record cashflows in FY24. We also repaid debt of 3.1k cr. and delivered RoE of 18.4%. Through these steps, we have built a foundation to support the next phase of our growth.”

Earlier on 3 August 2023, the company had intimated about Jongsong Investments Pte (Temasek) agreeing to invest in MEAL, in one or more tranches. In this connection, the company has approved an investment of Rs 12,000 crore MEAL to fund its EV journey over the next 3 years, the company and its auto division is expect to generate sufficient operating cash to satisfy all capital investment needs and are not looking to raise additional capital.

Therefore, M&M and BII have mutually agreed to extend the timeframe for the final tranche of BII’s planned investment of Rs 725 crore, and will jointly assess whether additional investment is required by Dec 31, 2024.

BII has invested Rs 1,200 crore and Temasek has invested Rs 300 crore so far in MEAL. Temasek will be investing the balance Rs. 900 Cr. as per the agreed timelines.

Meanwhile, the company has declared a dividend of Rs 21.10 per equity share.

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.