When Dr. Anish Shah says he’sdelighted, 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 Jejurikar:“Short-term pain, long-term joy.” (Translation: We’ll bill you next quarter.)
Citi:“What about EV penetration?”Rajesh:“8.7% now; still better than industry confusion.”
Goldman Sachs:“New SUV launches?”Rajesh:“No comment. Sharing details kills current bookings.” (Translation: Our customers are Googling right now.)
Phillip Capital:“Farm implements margins?”Rajesh:“Not tractor-level yet.” (Translation: Still figuring out how to sell harvesters without harvesting profits.)
Guidance & Outlook
Management’s crystal ball seesdouble-digit LCV
