Mahindra & Mahindra’s net profit jumps 57%

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Mahindra & Mahindra’s net profit jumps 57%
12 Feb 2022
6 min read

News Synopsis

Mahindra & Mahindra reported a surge of 57% in its net profit in the third quarter of the current financial year. The net profit rose to Rs 1,987 crore during the third quarter. The consolidated revenues rose by 9% to Rs 23,594 crore in the third quarter.

The revenues rose by 8% to Rs 15,239 crore in the third quarter seeing a rise as compared to the third quarter of the previous financial year. The Managing Director and CEO of Mahindra & Mahindra, Anish Shah have said that the company has seen improved performance across multiple businesses as reflected in its consolidated performance. 

He further said that the auto business has done well despite supply-side challenges while the farm business has shown market share increase despite a slowdown in the market.

Executive Director Rajesh Jejurikar has said that the demand for the entire automotive product portfolio remains strong. The order book for XUV 700 and Thar has reflected the customer and market success of these new launches. The company also hopes to build the volume growth momentum in the fourth quarter with better availability of semiconductors.

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