December 2023 \ Business & Investment \ Business News
Rs 3,451.88 crore Q2 profit for M&M

Chennai: Automobile major Mahindra & Mahindra (M&M) Ltd closed the second quarter of FY24 with a higher net profit of Rs 3,451.88 crore. In regulatory filing, M&M said for the quarter ended September 30, it has earned an operational income of Rs 25,772.68 crore (Q2FY23 Rs 22,105.31 crore) and an after tax profit of Rs 3,451.88 crore (Rs 2,068 crore). During the quarter under review, the company had booked Rs 819.12 crore under the head ‘Other Income’.

According to the company, Other Income includes a gain of Rs 209.60 crore on transfer of identified assets and business pertaining to the Last Mile Mobility Business of Automotive division to Mahindra Last Mile Mobility Limited, a Wholly Owned Subsidiary, as per Asset Transfer Agreement and Business Transfer Agreement. The company also said the Other Income head includes a gain of Rs 203.79 crore on certain non-current investments measured at fair value through profit or loss. The second quarter saw M&M selling 212,078 units, up from 179,673 units sold in Q2FY23. On a consolidated basis the company for the second quarter had earned a revenue of about Rs 34,436 crore (Rs 29,871 crore) and a net profit of about Rs 2,348 crore (Rs 2,773 crore).