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M&M Results Q3 and cumulative nine months FY2022


Home Newsroom Press Release M&M Results Q3 and cumulative nine months FY2022
Author : mahindraadmin   Category : Auto   Published : 2/12/2022

M&M Q3 PAT after EI at Rs 1,353 crores up 155%

Consolidated PAT after EI at Rs 1,987 crores up 57%

  • XUV 700 launch – overwhelming response: 100,000+ bookings in 4 months
  • Auto business continues to register strong booking pipeline for its key models
  • Strong Auto export volume – 58.3% growth YOY
  • Farm Equipment Sector (FES) Tractors Market Share in Q3 F22 at 39.4% up 1.4% YOY
  • Farm export volume highest ever in YTD Dec, up 77.4%
  • Farm Subsidiaries recorded 6th consecutive quarter of Positive PBIT
  • Highest ever quarterly billing for EV 3 wheelers, up 170.2% YOY

Mumbai, February 10, 2022: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and nine months ended 31st December 2021 of the Company and the consolidated Mahindra Group.

Key highlights below:

Rs. crores

  Q3 FY2022 Q3 FY2021 Growth% YOY Cum 9m FY2022 Cum 9m FY2021 Growth% YOY
M&M Results
Revenue 15,239 14,057 8% 40,307 31,236 29%
EBITDA 1,806 2,386 -24% 5,097 5,016 2%
PAT before EI 1,353 1,745 -22% 3,974 3,095 28%
PAT after EI 1,353 531 155% 3,640 760 379%
Group Consolidated Results
Revenue 23,594 21,626 9% 64,236 52,822 22%
PAT** (before EI) from continuing operations 1,798 1,410 28% 4,246 2,775 53%
PAT** (after EI) from continuing operations 1,987 1,268 57% 4,340 1,834 137%
Total Vehicles sold 1,18,174 1,21,133 -2% 3,03,366 2,42,288 25%
Total Tractors sold 91,769 1,00,696 -9% 2,78,923 2,58,387 8%

EI - Exceptional Items

**PAT is PAT after NCI - Non-Controlling Interest

Highlights of the financial results are:

  • Commodity inflation, shortage of semi-conductors impacting operating margin which stands at 11.9%
  • Continued growth in exports both for Auto and Farm
  • Improved group company performances at Mahindra Finance and Mahindra Lifespaces


  • Very healthy booking pipeline and buoyant demand for Company’s products
  • 155k plus total open bookings out of which 70K plus are for XUV7OO
  • Highest ever quarterly sales of Treo Auto and Treo Zor in the EV 3-wheeler segment
  • Stringent cost control measures have helped partially mitigate margin impact of commodity inflation
  • Global shortage of semi-conductors / ECUs impacted production and sales for yet another quarter
  • However, supplies improved over Q2 F22 reflecting in higher volumes in Q3 F22 QoQ

Farm Equipment

  • Farm Business delivered excellent performance with second highest Q3 in terms of (a) PBIT (b) domestic volumes
  • Healthy growth of 1.4% in Q3 market share for M&M
  • Code by Swaraj: A revolutionary farm machine launched on 11th Nov’21 with industry first features of (a) Adjustable Ground Clearance (b) Bi-directional Driving. It can be used for weeding, spraying, earthing up for Horticulture crops; and for Harvesting of Grain crops

Commenting on Q3 FY22 performance...

Dr. Anish Shah, Managing Director & CEO, M&M Ltd, said, "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."

Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, "Demand for the entire automotive product portfolio remains strong. The order book for XUV 700 and Thar reflects the customer and market success of these new launches. With better availability of semi-conductors, we hope to build the volume growth momentum in Q4 F22 in our journey to being No 1 in core SUVs. FES gained 140 basis points market share YOY in Q3 F22 and delivered robust financial metrics despite market slowdown and steep commodity inflation".

Mr. Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said, "Our focus on capital allocation and profitability has led to a steady increase in RoE over the last few quarters. We remain committed to delivering on our growth and return objectives."


All statements included or incorporated by reference in this media release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Although M&M believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which such statement was made, and M&M undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Media Contact:

Pramuch Goel
Head-Group Communications
Email - Email: [email protected]

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