Mahindra & Mahindra logs Rs 2,637 cr net profit in Q4

Mumbai: Driven by robust performance across business verticals, Mahindra & Mahindra on Friday reported an 18 per cent jump in consolidated profit at Rs 2,637 crore for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23. The Mumbai-based company had reported a profit after tax (PAT) of Rs 2,237 crore in the January-March quarter of 2021-22 fiscal. Revenue increased to Rs 32,366 crore for the fourth quarter of FY23, as compared to Rs 25,934 crore in the year-ago period.

For the year ended March 31, 2023, the company posted a consolidated PAT of Rs 10,282 crore, up 56 per cent, from Rs 6,577 crore in FY22. The company said the FY23 PAT is its highest-ever profit reported in a fiscal year. Revenue rose to Rs 1,21,269 crore last fiscal, as against Rs 90,171 crore in 2021-22 fiscal, an increase of 34 per cent. M&M said the automotive business led the way last fiscal with 62 per cent growth, driven by strong execution of launches and an improvement in supply chain related issues. Besides, Mahindra Accelo grew by 37 per cent; Mahindra Logistics, by 24 per cent; and Club Mahindra by 22 per cent.