Mahindra & Mahindra Ltd. Q3 FY2024 results: revenue ₹35,299 crore, up 15.3% on the year

Mahindra & Mahindra Ltd. (M&M) reported consolidated revenue from operations of ₹35,299 crore for Q3 FY2024, the quarter ended 31 December 2023, up 15.3% on the same quarter a year earlier. Profit after tax was ₹2,977 crore, down 0.6% on the year, and earnings per share ₹23.86. The figures are the company's own, from the unaudited results it filed with NSE on 14 February 2024.

Revenue from operations₹35,299 croreup 15.3%

Profit after tax₹2,977 croredown 0.6%

EPS₹23.86

QuarterQ3 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue from operations	35,299	34,436	n/a	n/a
Other income	511	592	n/a	n/a
Total income	35,810	35,027	n/a	n/a
Cost of materials consumed	19,470	20,509	n/a	n/a
Purchases of stock-in-trade	1,948	1,892	n/a	n/a
Changes in inventories	103	-1,468	n/a	n/a
Employee benefit expense	2,686	2,716	n/a	n/a
Finance costs	1,945	1,835	n/a	n/a
Depreciation, depletion and amortisation	1,123	1,139	n/a	n/a
Other expenses	4,867	5,057	n/a	n/a
Total expenses	32,143	31,680	n/a	n/a
Profit before exceptional items and tax	3,667	3,347	n/a	n/a
Exceptional items	0	0	n/a	n/a
Profit before tax	3,667	3,347	n/a	n/a
Current tax	655	1,184	n/a	n/a
Deferred tax	280	-100	n/a	n/a
Total tax	935	1,084	n/a	n/a
Profit after tax	2,977	2,484	n/a	n/a
Attributable to owners of the parent	2,658	2,348	n/a	n/a
Other comprehensive income	176	44	n/a	n/a
Total comprehensive income	3,153	2,528	n/a	n/a
EPS, basic	₹23.86	₹21.07	n/a	n/a
EPS, diluted	₹23.76	₹20.99	n/a	n/a

₹ crore except per share.

Leverage, as the company states it

Line	Q3 FY2024	Q2 FY2024	A year earlier
Debt to equity	0.00	0.00	n/a
Debt service coverage	0.06	0.06	n/a
Interest service coverage	0.00	0.00	n/a

Debt to equity, debt service coverage and interest service coverage are the figures the company prints in its result statement under the listing regulations.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027
Sales	34,436	35,299	35,452	37,218	37,924	41,470	42,599	45,529	46,106	52,100	54,982	58,188
Expenses	31,680	32,143	32,172	33,330	34,309	37,097	39,114	41,280	41,192	46,561	49,615	51,943
Operating profit	5,730	6,224	6,604	7,243	7,133	8,231	7,911	8,228	8,929	10,107	9,716	10,565
OPM %	17%	18%	19%	19%	19%	20%	19%	18%	19%	19%	18%	18%
Other income	592	511	356	409	659	411	702	917	676	859	995	1,016
Interest	1,835	1,945	1,989	2,108	2,217	2,362	2,397	2,431	2,347	2,405	2,407	2,560
Depreciation	1,139	1,123	1,335	1,248	1,302	1,495	2,029	1,548	1,669	2,163	1,943	1,760
Exceptional items	0	0	0	0	0	0	0	0	0	-293	0	0
Profit before tax	3,347	3,667	3,635	4,296	4,274	4,785	4,187	5,166	5,589	6,104	6,361	7,261
Tax %	32%	26%	25%	25%	32%	31%	26%	25%	37%	25%	26%	22%
Net profit	2,484	2,977	3,125	3,546	3,361	3,624	3,542	4,377	3,964	5,021	5,260	5,998
EPS in ₹	₹21.07	₹23.86	₹24.71	₹29.44	₹28.43	₹28.51	₹29.52	₹36.58	₹32.90	₹41.85	₹41.77	₹48.80
Filing	NSE	NSE	NSE	NSE	NSE	NSE	Filing	Filing	Filing	Filing	Filing	Filing

₹ crore except per share, consolidated, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.

Source

Unaudited consolidated results for the quarter ended 31 December 2023, filed with NSE on 14 February 2024: the result statement. All of Mahindra & Mahindra Ltd.'s results: NSE company page.

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