Homegrown auto major Mahindra & Mahindra (M&M) on Thursday reported over two-fold increase in its standalone profit after tax (PAT) at Rs 1,353 crore for the quarter ended December 31, 2021.
The Mumbai-based company had posted a standalone PAT of Rs 531 crore in the October-December period of the previous fiscal.
Revenue for the third quarter rose by 8 per cent to Rs 15,239 crore, as against Rs 14,057 crore in the year-ago period, M&M said in a regulatory filing.
The company said it sold 1,18,174 vehicles during the period under review, down 2 per cent from 1,21,133 units in the third quarter of last fiscal.
M&M tractor sales declined by 9 per cent to 91,769 units in the third quarter, as against 1,00,696 units in the year-ago period. On a consolidated basis, the Mahindra Group reported a PAT of Rs 1,987 crore, as compared to Rs 1,268 crore in the Q3 of 2020-21. Revenue rose to Rs 23,594 crore in the third quarter, as against Rs 21,626 crore in the year-ago period.
"We have seen improved performance across multiple businesses as reflected in our consolidated performance. Our Auto business has done well despite supply-side challenges, while our farm business has shown market share increase despite a slowdown in the market," M&M Managing Director & CEO Anish Shah noted.
