M&M breezes past slowdown concerns

Automaker's revenue, profit rise 20% in traditionally slow March quarter

- Ayaan Kartik

Mahindra and Mahindra Ltd (M&M) shrugged off concerns over the slowdown in the domestic car market as it outpaced the rest of the industry's growth in the previous financial year.

India's fourth-largest passenger vehicle maker saw its revenue in the traditionally slow March quarter surge 20% year-on-year to ₹42,599 crore and profit increase by a fifth to ₹3,295 crore.

For the full financial year (2024-25), M&M's revenue climbed 14% to ₹1.59 trillion and profit by 15% to ₹12,929 crore on the back of a surge in sales of sports utility vehicles (SUVs), a market the company dominates with a 23% share.

Passenger vehicle sales volume jumped 20% to 551,000 units in FY25, against the industry's 2% growth.

Mahindra Group managing director and chief executive Anish Shah remained sanguine about the domestic car market, expecting the blip in urban demand to pass shortly.