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M&M Q2 standalone net surges over 8-fold to Rs 1,432 cr; revenue rises 15%

Homegrown auto major Mahindra & Mahindra (M&M) on Tuesday reported an over eight-fold increase in its standalone profit after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales. The Mumbai-based company had posted a standalone PAT of Rs 162 crore in the July-September period of previous fiscal. The auto industry has seen strong recovery in demand for passenger vehicles in the past two quarters, but with chip shortages hurting carmakers globally companies have scrambled to make up for the production hit.

Tyre maker MRF reports 54% decline in Q2 net profit at Rs 189 crore Tyre maker

MRF on Tuesday reported 53.99 per cent decline in consolidated net profit at Rs 189.06 crore for the second quarter ended September 30, 2021. The company had posted a net profit of Rs 410.92 crore in July-September period of the previous fiscal year. The company said its board has declared an interim dividend of Rs 3 per equity share (30 per cent) for the financial year ending March 31, 2022.

Battery Smart raises $7 million in pre-Series A funding round

EV battery swapping network Battery Smart on Tuesday said it has raised USD 7 million (around Rs 52 crore) in a pre-Series A round from a clutch of investors of Blume Ventures and Orios Ventures. The fresh capital will be deployed for strengthening the startup's battery assignment technology, scale its operations to service 10,000 electric vehicles daily, and expand to three new states by this fiscal, a release said.

Mahindra Logistics acquires Meru Cabs from Mahindra & Mahindra

Mahindra Logistics Ltd. (MLL) today announced acquisition of Meru Cabs, a ridesharing company from its parent Mahindra & Mahindra (M&M). Meru Travel Solutions Private Limited (MTSPL) or Meru Cabs, founded in 2006, will be part of MLL along with three of its subsidiaries---- Meru Mobility Tech Private Limited, V-Link Fleet Solutions Private Limited and VLink Automotive Services Private Limited. The third party logistics company, MLL is a 58.34 percent subsidiary of M&M.

Eicher Motors’ Q2 gets realisation support, though steep valuations may be a roadblock

Eicher Motors’ shares have increased by more than 7 percent since the company announced its September quarter results (Q2FY22) on November 3 after market hours. The company’s results have beaten some analysts’ expectations. Strong realisations stood out, compensating for the lower volumes, thus supporting Eicher’s overall earnings. In its conference call, the company told analysts that demand is robust currently. Eicher has said enquiries remain strong. Further, response for the new-generation Classic 350 model from its motorcycle division Royal Enfield has been encouraging. While these factors augur well, one would have to track if the price hikes will adversely impact demand in future.

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