M&M reports 214% rise in consolidated net profit in September quarter

Mahindra and Mahindra Ltd on Tuesday reported consolidated net profit jumped to ₹1,929 crore in quarter ended-September, up around 214% from ₹614 crore year-on-year (YoY). The significant rise in M&M’s second quarter profit comes on the back of a one-time charge taken by the company in the year-ago quarter. 

The automaker’s consolidated revenue from operations rose nearly 12% to ₹21,470 crore for Q2 as against ₹19,227 crore in the corresponding quarter of the previous fiscal.

The tractor manufacturer said that with better availability of semiconductors, it expects to maintain volume growth momentum from the third quarter onwards.

Shares of M&M were trading over 2% higher at ₹881 apiece on the BSE in Tuesday’s afternoon deals post the earnings announcement.

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