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M&M Records Highest Quarterly Revenue as Net Profit Jumps 67% in Q1 2022

Industry: Vehicle Manufacturing
Current: Company Performance

M&M reported a 67% increase in standalone net profit in Q1 2022
The company reported its highest-ever quarterly standalone revenue in the auto and agriculture sectors
By March 2027, Mahindra estimates that electric vehicle sales will contribute 20% to 30% of all SUV sales

Overview of M&M’s Revenue Growth

Mahindra & Mahindra Ltd (M&M), the flagship company of the Mahindra Group, is a diversified business company. The company reported a 67% increase in standalone net profit at INR14,301.6 million for the June quarter of 2022 in comparison to INR8,566.7 million in the corresponding period in 2021. Its revenue from operations also grew 66.7% to INR196,126.4 million during the June 2022 quarter from INR117,627.8 million in the corresponding quarter of 2021. The company recorded the highest-ever quarterly standalone revenue for the auto and agricultural sectors. Its market share in the farm equipment sector (FES) rose 0.9% YoY to 42.7%.

Introduction to M&M Electric SUV

The world’s largest automaker, Mahindra, will introduce the XUV400’s electric version, the new electric sport utility vehicle (SUV), in September 2022. After the launch of Scorpio-N, the company is keen on moving to the next stage with the launch of its Born Electric Vision in September 2022. The company claimed that it continues to hold the top position in terms of SUV revenue market share (17.1%).

M&M Strengthens Partnership with Volkswagen

Mahindra & Mahindra and Volkswagen AG strengthened their partnership and signed a term sheet under which the German carmaker will supply electric components to its Indian peer. According to the companies, the agreement covers components of Volkswagen’s open platform for electric vehicles (EVs), called MEB, to be supplied to Mahindra’s new electric platform, INGLO. The INGLO platform will power all of Mahindra’s EVs.

According to Mahindra, the cooperation aims at bringing out over one million vehicles by 2030 and includes the equipment of five SUVs based on INGLO. Mahindra expects EVs to account for 20% to 30% of all SUV sales by March 2027.

The Indian hybrid and electric cars market grew 29.2% in 2021 to reach $1,150.2 million. The market grew at a CAGR of 149.8% during 2017–21.

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