Mahindra’s Q4 profit climbs 22%, declares dividend On Friday, Mahindra & Mahindra Ltd. (MAHM.NS) reported a 22.1% increase in fourth-quarter profit, led by SUV sales.
The Scorpio, Thar, and XUV SUV makers profited from strong demand for larger and more expensive vehicles, which made up more than half of India’s record passenger vehicle sales in 2023.
Mahindra, India’s top SUV producer by revenue, declared a standalone profit after tax of 15.49 billion rupees ($187.45 million) for the January-March quarter, up from 12.69 billion a year earlier.
Long-term investment impairment provisions cost the corporation 5.12 billion rupees.
Maruti Suzuki India (MRTI.NS), the country’s largest manufacturer by sales, comfortably above analysts’ projections late last month, while larger rival Tata Motors Ltd (TAMO.NS) announced a second straight quarterly profit earlier this month.
Mahindra’s revenue climbed 31% to 225.71 billion rupees from 172.38.
Final dividends were 16.25 rupees per share.
