<p>Mumbai: Mahindra & Mahindra (M&M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in the September 2023 quarter.</p>.<p>The Mumbai-headquartered company had posted a profit after tax (PAT) of Rs 2,209 crore in the July-September period of the last fiscal, M&M said in a statement.</p>.<p>The company's revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter of this fiscal, it added.</p>.Mahindra reports highest-ever monthly sales in Oct at 80,679 units.<p>The company said it has witnessed a robust performance across all businesses, except Tech Mahindra, impacted by weak demand and exits from non-core accounts.</p>.<p>It is expecting the domestic tractor market growth to be flat this fiscal against an estimate of a low-single-digit growth earlier.</p>.<p>"During the second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&M Managing Director and CEO Anish Shah.</p>.<p>Tech Mahindra had a tough quarter. The company is now initiating the transformation journey in the business, he added.</p>.<p>In the automotive sector, the company said, its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the July-September quarter.</p>.<p>"We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&M Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar said at the company's post-earnings call.</p>.<p>In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added.</p>.<p>"At this point of time, we think industry (growth) to be flat for the year and not (grow) single digit as we said earlier," Jejurikar noted.</p>.<p>He said that November will see growth because last year there was no festival in the said month, while Diwali this year is falling in this month.</p>.<p>He also said that despite this, the company's expansion plans remain on track.</p>.<p>"It remains on track. Normally, our investment decisions don't get impacted by short-term market," he added.</p>.<p>Last year, the industry was at a very high base of 9.50 lakh units, which it had reached, based on a very rapid growth of three years, starting with the Covid-19, Jejurikar noted.</p>.<p>"It is just the adjustment of a very high base. If it is flattish, it will be in that kind (9.50 lakh units) region," he added.</p>.<p>In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent.</p>.<p>Tractor sales fell 4 per cent to 89,101 units in the quarter under review from 92,590 units a year ago.</p>.<p>On a standalone basis, its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter over Rs 2,068 crore in the year-ago period.</p>.<p>Shares of the company settled 1.86 per cent lower at Rs 1,524.20 apiece on the BSE. </p>
<p>Mumbai: Mahindra & Mahindra (M&M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in the September 2023 quarter.</p>.<p>The Mumbai-headquartered company had posted a profit after tax (PAT) of Rs 2,209 crore in the July-September period of the last fiscal, M&M said in a statement.</p>.<p>The company's revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter of this fiscal, it added.</p>.Mahindra reports highest-ever monthly sales in Oct at 80,679 units.<p>The company said it has witnessed a robust performance across all businesses, except Tech Mahindra, impacted by weak demand and exits from non-core accounts.</p>.<p>It is expecting the domestic tractor market growth to be flat this fiscal against an estimate of a low-single-digit growth earlier.</p>.<p>"During the second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions," M&M Managing Director and CEO Anish Shah.</p>.<p>Tech Mahindra had a tough quarter. The company is now initiating the transformation journey in the business, he added.</p>.<p>In the automotive sector, the company said, its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the July-September quarter.</p>.<p>"We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&M Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar said at the company's post-earnings call.</p>.<p>In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added.</p>.<p>"At this point of time, we think industry (growth) to be flat for the year and not (grow) single digit as we said earlier," Jejurikar noted.</p>.<p>He said that November will see growth because last year there was no festival in the said month, while Diwali this year is falling in this month.</p>.<p>He also said that despite this, the company's expansion plans remain on track.</p>.<p>"It remains on track. Normally, our investment decisions don't get impacted by short-term market," he added.</p>.<p>Last year, the industry was at a very high base of 9.50 lakh units, which it had reached, based on a very rapid growth of three years, starting with the Covid-19, Jejurikar noted.</p>.<p>"It is just the adjustment of a very high base. If it is flattish, it will be in that kind (9.50 lakh units) region," he added.</p>.<p>In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent.</p>.<p>Tractor sales fell 4 per cent to 89,101 units in the quarter under review from 92,590 units a year ago.</p>.<p>On a standalone basis, its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter over Rs 2,068 crore in the year-ago period.</p>.<p>Shares of the company settled 1.86 per cent lower at Rs 1,524.20 apiece on the BSE. </p>