Mahindra (M&M) Q3 Report 2024

Mahindra & Mahindra Group delivered solid operating performance across all businesses, except TechM. Auto continues to gain market share. Farm market share improves despite decline in Industry. Financial services continues its strong performance on asset quality with record low GS3. Growth gems progressing well on 5X challenge with a notable milestone achieved at Susten with listing of India’s largest renewable InvIT. Consolidated PAT at Rs 2,658 cr., up 34% Q3; up 33% YTD (excl. PY gains on SEL and Susten; PY Trucks impairment).

Highlights

• Solid operating performance (ex TechM)
• Auto continues to gain market share … SUV at 21.0% and LCV at 49.6%
• Farm gains market share amidst industry decline … share Up 80 bps to 41.8%
• MMFSL turnaround on track … GS3 all time low
• TechM turnaround initiated … PAT Down 61%
• Growth Gems value unlock continues
• India’s largest Renewables InvIT listing … marquee investors
• NIIF’s India-Japan Fund (IJF) investment in LMM … valuation 6,600 cr. Up 10%
• Consolidated PAT up 34%
• PAT 2,658 cr. … Up34% (excl. PY Susten gain and Trucks impairment)