XUV700, Scorpio N & Thar Help Mahindra Cross 10k Crore Net Profit

mahindra thar 1 lakh production-2

For the first time ever, Mahindra went past Rs. 10,000 crore profits in FY2022-23 courtesy of the good reception for its models

M&M recorded a massive increase in consolidated net profit by 17.83 per cent for the quarter that ended in March 2023 due to good volume numbers registered in the Indian automotive industry and the ease of commodity inflation. The homegrown SUV maker posted Rs. 2,636 crore net profile as against Rs. 2,237 crore during the same period last year.

However, the net profit dropped by 1.49 per cent compared to the previous quarter ended in December as it stood at Rs. 2,676 crore. The operational revenue surged to Rs. 32,365 crore as against Rs. 25,934 crore during the corresponding quarter last year with a growth of 24.7 per cent while compared to the previous quarter, it was up by 5.69 per cent.

The brand has recommended a dividend of 325 per cent at Rs. 16.25 per ordinary share with a face value of Rs. 5 each. For the first time ever, Mahindra went past Rs. 10,000 crore profits in FY2022-23. Mahindra had a market share of 19.6 per cent during the last quarter and the booking tally stood at 2.92 lakh units as of May 1.


The revenue growth stood at 34 per cent across all businesses while the zero-emission three-wheeler sales were at 14,700 units. The automotive space saw a growth of 34 per cent with Rs. 16,742 crore and the farm equipment sector grew by Rs. 29.86 per cent. Their combined sales were at 1.1 million units in the last fiscal.

In the passenger vehicle space, Mahindra introduced the XUV400 electric SUV earlier this calendar year and its previous launches such as the Scorpio N last year, XUV700 in 2021 and second generation Thar in 2020 have been well received by customers. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M acknowledged the efforts on cost management for consistent improvement in margin.

mahindra XUV700-29
Pic Source: Nick Zeek

The brand has revised the capex outlay from FY22 till FY23 to Rs. 15,900 crore comprising an investment of Rs. 1,600 crore on IC-engined SUVs and Rs. 1,125 crore for EVs. The production was impacted by up to Rs. 12,000 units due to chip shortage issues in the last quarter. Mahindra is lining up facelifted XUV300 and five-door Thar for launch in 2024 CY.