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Mahindra & Mahindra Ltd. Q4FY24 Result First Cut - Beat on all fronts; Market leadership continues in SUVs and Tractors

* Mahindra & Mahindra Ltd. reported strong results in Q4FY24, on the back of strong volume growth of 14% YoY to 215k and highest ever UV volumes at 126k units.

* Standalone Revenue from Operations stood at Rs. 25,436 crores in Q4FY24, up 12% YoY / up 0.6% QoQ, beating street expectations of Rs. 24,029 crores. This was driven by strong growth across Auto, Farm Machinery and Services segments.

* Standalone EBITDA stood at Rs. 3,446 crores in Q4FY24, up 22% YoY / down 4% QoQ, beating market expectations of Rs. 3,053 crores. EBITDA margin stood at 13.5%, showing a contraction of 100bps YoY/ 64bps QoQ.

* Standalone Profit after Tax (PAT) stood at Rs. 2,038 crores in Q4FY24, up 32% YoY / down 17% QoQ, beating street expectations. The PAT margin increased to 8% in Q4FY24 from 6.8% in Q4FY23 but down from 9.7% in Q3FY24.

* On a consolidated basis, revenue increased 9.2% YoY/ 0.4% QoQ to Rs. 35,452 crores, while adj. net profit rose 4.2% YoY/ up 5% QoQ to Rs. 3,125 crores.

* The company’s SUV market share rose 80 bps QoQ to 20.4%, making it the market leader. Open bookings of SUV stood at 220k (as on 1st May 2024), reflecting continued strong demand.

* Market share in LCV<3.5 stood at 47.5%, up 310bps YoY. It continued to be the market leader in tractors despite a 130bps contraction in market share to 39.4%.