Mahindra and Mahindra today announced it FY2022 Q1 financial result and the company has reported a revenue of Rs. 11,763 crores which is a hike of 110 per cent. The company sold 85,858 vehicles during the first quarter of FY2022 as compared to 29,619 vehicles during the same period in FY 2021 which is a growth of 190 per cent. The company's tractor business too witnessed a strong growth with 99,127 units being sold catapulting the sales growth by 52 per cent in Q1 FY2022.
There has been a strong rise in sales for the tractor business
The company's operating margin at stood at 13.9 per cent despite Covid challenges and commodity price increase. Anish Shah, Managing Director & CEO, M&M Ltd, said, "Our focus on operational efficiency and financial discipline gives us the confidence that our core performance will continue. Our Farm business delivered yet another exemplary quarter result, while our auto business showed demand recovery. Our growth gems are seeing good momentum and we will continue our stringent focus on fiscal discipline."
The XUV700 will be unveiled on August 15
With new launches slated for the coming year, the company is expecting this momentum to continue. The XUV700 will be one of the foremost drivers of sales but the lack of semiconductors could play a role in delivery of the vehicle.
Rajesh Jejurikar, Executive Director, M&M Ltd, said, "We have embarked on the journey of bold, aggressive growth with a good start in Q1 FY2022. FES continued to deliver robust performance both in terms of market share and financial metrics. The demand for our key automotive products also remains strong. With upcoming launch of our most anticipated product XUV700, we plan to ride on the festive season with strong volume growth aided by rebound in Indian economy. However, commodity inflation and semi-conductor supply issues continue to be of concern."
