Mahindra & Mahindra’s FY23 profit is the highest-ever profit reported by the company in a fiscal year. (Photo: IANS)
Mahindra & Mahindra’s revenue increases to Rs 32,366 crore for the fourth quarter of FY23, as compared with Rs 25,934 crore in the year-ago period
Mahindra & Mahindra on Friday said its consolidated profit after tax increased by 18 per cent to Rs 2,637 crore for the fourth quarter ended March 31, riding on the back of robust performance across automotive, farm equipment and financial services business verticals. 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 profit is the highest-ever profit reported by the company 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.
“It has been a blockbuster year for the group. Auto led the way with record-breaking launches, as we regained the #1 position for SUV revenue market share,” M&M Managing Director & CEO Anish Shah said. Light commercial vehicles (LCVs), farm equipment, and electric three-wheelers continue to strengthen the company’s leadership position, he added.
Shares of the company were trading 0.19 per cent up at Rs 1,280 apiece on the BSE.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)