Q3 2025 Mahindra and Mahindra Ltd Earnings Call Transcript
Key Points
- Mahindra & Mahindra Ltd (MAHMF) reported a 20% growth in profit after tax on a consolidated basis, with a consistent 20% year-to-date growth.
- The Auto segment saw a 16% increase in volume, with SUV market share rising by 200 basis points to 23%.
- Farm business volumes grew by 20%, with market share increasing by 240 basis points to 44.2%, marking the highest ever Q3 market share.
- Mahindra Finance's profit after tax increased by 47%, with assets under management up 19%.
- Tech Mahindra is on a margin recovery path with new deal wins in telecom and green shoots in BFSI and healthcare sectors.
- International Farm business faced challenges due to macroeconomic factors, resulting in lower-than-desired revenue growth of 12%.
- The Auto segment's standalone margin of 9.7% is impacted by the high value of EV contract manufacturing transactions.
- The LCV segment, particularly in the lower tonnage category, has not seen significant recovery, with only low single-digit growth.
- Mahindra & Mahindra Ltd (MAHMF) faced a mark-to-market impact from its investment in KG Mobility, affecting overall profitability.
- The company is cautious about the fast ramp-up of EV production to ensure quality, which may limit initial sales volumes.
(video playing)
Very warm welcome to the Q3 Analyst Meet of Mahindra & Mahindra Limited. For the main presentation today, we have with us our Group CEO and MD, Dr. Anish Shah; ED and CEO of our Auto and Farm Business, Mr. Rajesh Jejurikar; and our Group CFO, Mr. Amarjyoti Barua. We will take your questions at the end of the presentation. As a reminder, this meeting is being recorded.
For the purpose of completeness, I do wish to read this out. Certain statements in this meeting with regard to our future growth projects are forward-looking statements which involve a number of risks and uncertainties that can cause the actual results to differ materially from those in such forward-looking statements.
With that, I now hand over to Dr. Anish Shah for his opening remarks. Thank you.
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