When Dr. Anish Shah says he’s delighted, you know the stars (and tractors) have aligned. After quarters of “steady performance,” M&M finally delivered numbers that made even the stoic CEO crack a grin. From 54% farm profit growth to a 19% ROE, it was a festival of numbers wrapped in GST confusion and racing teasers. Somewhere, a Bolero Neo whispered, “Ab meri baari hai.” As the Bhagavad Gita reminds us — “Yogaḥ karmasu kauśalam” — perfection in work is true devotion. Keep reading, because things only get spicier than a highway dhaba’s chai later.
At a Glance
- Revenue up 22%: CEO calls it “pure performance,” not Excel wizardry.
- Operating Profit up 28%: The tractors and SUVs finally pulled in sync.
- ROE at 19%: CFO immediately warned, “Don’t expect 19% again.”
- Farm Profit up 54%: Monsoon met Mahindra margin.
- Auto Profit up 14%: GST hiccups parked a few SUVs.
- Mahindra Finance PAT up 45%: “Udaan stack” seems to be flying after all.
- Tech Mahindra up 35%: Land sale gone, AI in — the real metamorphosis.
Management’s Key Commentary
Dr. Anish Shah: “You’ve never heard me say delighted before — but today I am.”
(Translation: The spreadsheet finally bowed to his will. 😏)
“Auto was up 14%, but GST transition delayed deliveries.”
(Translation: We sold less but it wasn’t our fault, promise.)
“Farm profits up 54%. Execution on ground was outstanding.”
(Translation: Farmers did
more heavy lifting than macroeconomics.)
“Mahindra Finance has completed phase one of its turnaround.”
(Translation: Phase two will depend on whether borrowers actually pay.)
“Tech M profits up 35% even without land sale.”
(Translation: AI buzzwords now count as operating income.)
“ROE is at 19%, but don’t expect that going forward.”
(Translation: Enjoy the party, hangover’s coming next quarter.)
“We’re excited about our 26th November racing reveal.”
(Translation: Numbers done, time to look fast in red overalls. 🏎️)
Numbers Decoded
| Segment | Growth YoY | Key Highlights |
|---|---|---|
| Auto Revenue | +25% | GST delay trimmed shine; exports up 40%. |
| Farm Profit | +54% | Tractor volumes up 32%; margins hit 20.6%. |
| Mahindra Finance PAT | +45% | NIM up 47 bps; GNPA <4%. |
| Tech Mahindra Profit | +35% | AI buzz = optimism revival. |
| Consolidated Revenue | +22% | Broad-based, no one-offs fluff. |
| ROE (Annualized) | 19% | CFO begged analysts not to model this forever. |
Summary: Every business pulled its weight—except logistics, still “improving operationally” (corporate-speak for “needs caffeine”).
Analyst Questions
Nomura: “Impact of GST cuts?”
Rajesh
