Mahindra & Mahindra’s Diwali blast, profit increased by 18% to Rs 4,521 crore, auto sector took off

News India Live, Digital Desk: The country’s leading automobile company Mahindra & Mahindra (M&M) has made investors happy with its excellent results in the festive season. The company on Tuesday released the results of the second quarter (July-September) of the current financial year, in which the company’s profit has increased by 18% to Rs 4,521 crore. In the same quarter last year, the company had earned a profit of Rs 3,828 crore.

Earnings increased due to bumper sales of SUVs

Mahindra’s automotive segment has played a major role in this spectacular growth. The company’s total income also increased by 17% to Rs 34,440 crore in the second quarter, from Rs 29,481 crore last year.

The company said that in this quarter they have sold the highest number of SUV vehicles so far. There is strong demand for models like Scorpio-N, Thar, and XUV700 in the market, due to which the revenue of the company’s auto segment has increased by 21%.

There is some slowdown in tractor business

However, there has been a slight slowdown in Mahindra’s farm equipment i.e. tractor segment. The revenue of this segment declined by 2% to Rs 7,558 crore. According to the company, due to uneven distribution of monsoon and less rainfall in some areas, there has been some impact on the sales of tractors.

What did the MD and CEO of the company say?

Expressing happiness over the results, Dr. Anish Shah, Managing Director and CEO, Mahindra & Mahindra said, “It has been a fantastic quarter for us. The automotive business has delivered record-breaking performance. We are committed to continuing to deliver great products to our customers and sustain our growth.”

Effect visible in stock market

The impact of the excellent results was also seen on the company’s shares. On Tuesday, M&M shares closed at Rs 2,550 with a rise of 1.5% on BSE.

Overall, these results of Mahindra & Mahindra have shown that the company’s hold in the Indian automobile market is continuously getting stronger and the times to come are expected to be very good for the company.