Mahindra & Mahindra (M&M) Q1 24/25 earnings summary

Executive summary

• Strong operating performance in Auto and Farm segments, with significant market share gains across SUVs, LCVs, and tractors; consolidated profit after tax rose 20% year-over-year to Rs 3,283 crore, excluding prior year one-time gains.

• ROE reached 19.4% annualized for the quarter.

• Consolidated revenue from operations for Q1 FY25 rose to ₹37,217.72 crore, up 11% year-over-year.

• Standalone profit after tax was Rs 2,613 crore, with standalone revenue at Rs 27,133 crore.

• Earnings per share (consolidated, basic) was ₹29.44, down from ₹31.50 in Q1 FY24.

Financial highlights

• Revenue increased 10% year-over-year to Rs 37,218 crore; profit reached INR 3,283 crore, up 20% excluding one-time gains from last year.

• Auto segment revenue up 16% to Rs 19,776 crore; PBIT up 45% to Rs 1,787 crore.

• Farm segment revenue up 5% to Rs 9,711 crore; PBIT up 5% to Rs 1,540 crore.

• Mahindra Finance assets grew 23%, profit up 37%; Tech M profit up 23%.

• Hospitality segment achieved 90% occupancy and 31% increase in average unit realization.

Outlook and guidance

• Auto segment maintains mid- to high-teens growth target for FY 2025, supported by new launches and capacity expansion.

• Tractor segment outlook improving due to favorable monsoons, higher rural spending, and government support; cautious optimism for 8-10% growth if trends continue.

• Tech Mahindra turnaround underway, with margin improvement as a key focus.

• Farm machinery expected to turn profitable in a couple of years.

• No formal margin guidance provided; management prefers flexibility to balance growth and profitability.