Mumbai (Maharashtra) [India], May 28 (ANI): Mahindra & Mahindra (M&M) on Saturday reported a standalone profit (before exceptional items) at Rs 1,167 crore for the fourth quarter of 2021-22 as compared to Rs 998 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 17 per cent.
For the full financial year 2021-22 the company posted a net profit after tax before exceptional items at Rs 5,144 crore as compared to Rs 4,071 crore recorded in the last year, registering a growth of 26 per cent.
After accounting for exceptional items, the company's profit after tax rose by 427 per cent year-on-year to Rs 1,292 crore for the quarter ended March 2022 from Rs 245 crore in the corresponding period last year.
"Our performance in Q4 and FY22 underscores the resilience of our business model. Despite significant challenges due to various factors like COVID, commodity prices, semiconductor shortages and the Ukraine conflict, we have delivered strong results at the consolidated level. All of our group companies are well-positioned to capitalise on growth opportunities," said Anish Shah, Managing Director & CEO, M&M Limited.
Reacting on the company's performance, Rajesh Jejurikar, Executive Director, M&M Ltd, said, "We recorded our highest revenue for Auto and Farm segment in FY22. M&M became No.1 in SUV Revenue Market Share in Q4 and H2 FY22, while FES gained 180 basis points market share in FY22."
"With 170k+ bookings, the demand for the automotive product portfolio remains strong. FES delivered the second-highest full-year PBIT despite market slowdown and steep commodity inflation. Given the recent fiscal and monetary measures by the Government of India and RBI, we foresee the cost pressures in the economy to ease out," Jejurikar said in a statement.
"Our focus on capital allocation and improved financial metrics continues to deliver results. We continue on our journey towards 18 per cent RoE," said Manoj Bhat, Group Chief Financial Officer, M&M Ltd. (ANI)