Mahindra Half-Year Report 2024

Standalone PAT Rs 3,452 cr., up 67%
Consolidated PAT up 6% (excl. PY SEL revaluation gain)
Strong first half … Standalone PAT up 79%, Consolidated PAT up 33% (excl. SEL), RoE 20%

Key Highlights

  • SUV revenue up 28%; revenue market share at 19.9%, up 90 bps
  • #1 in LCVs <3.5T: market share at 49.6%, up 280 bps; highest in last 5 years
  • #1 in Tractors: market share at 41.6%, up 150 bps
  • #1 in electric 3 wheelers: volumes up 74%; market share at 61.1%
  • Standalone PAT at Rs 3,452 cr., up 67%
  • Consolidated Revenue at Rs 34,436 cr., up 15% for Q2; up 17% for H1 F24
  • Consolidated PAT at Rs 2,348 cr., up 6% (excl. PY Swaraj Engines Ltd., SEL, revaluation gain)
  • H1 F24 RoE at 20%; EPS at Rs 52.4, up 18%

Mahindra & Mahindra Group delivered a robust operating performance across all businesses, except TechM. Auto grows rapidly, Farm remains resilient despite tough market conditions and Growth gems are on track. TechM performance was impacted by weak demand and exits from non core accounts. Standalone PAT up 67% Q2, up 79% YTD. Consolidated PAT at Rs 2,348 cr., up 6% Q2, up 33% YTD (excl. SEL).

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