Mahindra XUV700 spied
XUV700 is the successor to the current XUV500 ,Will use powerful turbo petrol and turbo diesel engines ,Will be offered in six and seven seat layouts at launch
Mahindra and Mahindra (M&M) has reported a net profit of Rs 2090 crore for the quarter ended September FY( Financial Year) 2023.
The group has seen a tremendous jump in its net profit with a rise of 46 percent as against Rs 1,433 crore a year ago, Mahindra & Mahindra (M&M) said in a regulatory filing.
Supported by the surge in sale volume the company’s revenue was also up 57 percent at Rs 20,839 crore. While it was Rs 13,314 crore in the same period a year ago, the company said.
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Mahindra & Mahindra said in the regulatory filing that Its sales volume during the July-September quarter rose by 75 percent over the last year to 1,74,098 units from 99,334 units.
However, its operating margin declined from 12.47 percent in the year-ago period to 11.98 percent in Q2.
The company reported a surge of 50 per cent YoY in the EBITDA ( Earnings before interest, taxes, depreciation, and amortization) to Rs 2,496 crore in the quarter, as against Rs 1,661 crore in the same period a year ago.
After the release of the above results, the shares of the company were trading at Rs 1302.9 per share with a rise of 0.38 per cent.
Dr. Anish Shah, Managing Director, and CEO of M&M Ltd said that the robust financial results show the progress of the company on strategic imperatives.
He further added that in the second financial results auto segment led growth and other group companies have shown steady performance.
Mahindra and Mahindra said it was their highest-ever quarterly standalone and consolidated toplines.
Reporting the reason behind the group’s successful financial results Manoj Bhat, Group Chief Financial Officer, M&M Ltd said that the strong revenue growth coupled with the focus on operational metrics and cost management have enabled it to record the highest standalone profits ever.
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