M&M Results Q2 and half year FY2023

M&M Results Q2 and half year FY2023


M&M Q2 PAT at Rs 2,090 crores up 46%

Q2 Consolidated PAT at Rs 2,773 crores up 44%


  • M&M Q2 Revenue Rs 20,839 crores up 57%; Consolidated Revenues at Rs 29,870 crores up 39%
  • Highest ever quarterly standalone and consolidated revenue
  • FES achieved highest Q2 volume and auto achieved highest ever quarterly volume
  • 1 in SUV Revenue Market Share in Q2 F23, Open bookings at 260k+ in SUVs, reflecting strong automotive demand.


Mumbai, November 11, 2022:The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and half year ended 30th September 2022 of the Company and the consolidated Mahindra Group.


Key highlights below:

Rs. crores

  Q2 FY2023 Q2 FY2022 Growth% YOY H1 FY2023 H1 FY2022 Growth% YOY  
M&M Results            
Revenue 20,839 13,314 57% 40,452 25,079 61%  
EBITDA 2,496 1,661 50% 4,837 3,292 47%  
PAT before EI 2,338 1,688 38% 3,809 2,624 45%  
PAT after EI 2,090 1,433 46% 3,520 2,290 54%  
Group Consolidated Results          
Revenue 29,870 21,470 39% 58,283 40,642 43%  
PAT** (before EI) from continuing operations 2,040 1,975 3% 4,235 2,448 73%  
PAT** (after EI) from continuing operations 2,773 1,929 44% 4,968 2,353 111%  
Total Vehicles sold 1,74,098 99,334 75% 3,23,901 1,85,192 75%  
Total Tractors sold 92,590 88,027 5% 2,10,003 1,87,154 12%  

EI – Exceptional Items

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


Highlights of the financial results are:

  • Highest ever quarterly revenue and PAT for M&M standalone
  • M&M operating margin at 12.0%
  • Exports for both vehicles and tractors remains strong





  • M&M remains market leader in SUVs for 3 consecutive quarters (Revenue Market Share)
  • LCV 2-3.5T: Achieved 60% market share in Q2 F23 (uptick of 10.8% YoY)
  • E-3Ws: Achieved highest ever quarterly billing of 10,625 units


Farm Equipment

  • H1 Market Share at 41.5%: Uptick of 0.5% YoY
  • 2nd highest Q2 domestic volumes (~88k tractors)
  • Highest Q2 Exports (4.6k tractors)


Commenting on Q2 FY23 performance …


Dr. Anish Shah, Managing Director & CEO, M&M Ltd, said, “ Our robust financial results reflect the progress we have made on our strategic imperatives. While the auto segment has led growth, we have seen steady performance across our group companies. Our journey of creating value and providing growth capital continued through the Susten-OTPP transaction and the BII transaction.”

Mr. Rajesh Jejurikar, Executive Director, M&M Ltd, said, “It has been an action-packed quarter with multiple product launches and new products across segments, in addition to partnership announcements with BII and Volkswagen. We recorded our highest quarterly revenue for Auto and Farm segments. In SUVs, we continue to be the Revenue market share leader. Festive sales have been strong this year across Auto and Farm sectors.   With the unveil of the XUV4OO and our Born Electric Vision, we enter the Electric SUV segment and aim to establish leadership position in the future.“

Mr. Manoj Bhat, Group Chief Financial Officer, M&M Ltd, said, “Our strong revenue growth coupled with the focus on operational metrics and cost management have enabled us to record our highest standalone profits ever.”