{"id":158817,"date":"2024-02-15T06:22:43","date_gmt":"2024-02-15T11:22:43","guid":{"rendered":"https:\/\/44.250.171.167\/?p=158817"},"modified":"2024-02-15T06:22:44","modified_gmt":"2024-02-15T11:22:44","slug":"mahindra-mahindra-limited-q3-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mahindra-mahindra-limited-q3-fy24-earnings-conference-call-insights\/","title":{"rendered":"Mahindra &#038; Mahindra Limited Q3 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Mahindra &amp; Mahindra Limited (M&amp;M) Q3 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Auto\/Farm Performance<\/strong>\n<ul>\n<li>Mahindra Auto continues strong momentum, gaining SUV market share to 21% and becoming #1 in SUVs.<\/li>\n<li>Mahindra at 49.6% market share in LCVs after gaining significantly.<\/li>\n<li>Auto performance showing benefits of strategic focus on SUVs and LCVs, with strong market share gains.<\/li>\n<li>New bookings at 50k per month with supply increased to 40k.<\/li>\n<li>Seeing higher cancellations in December and turn of year<\/li>\n<li>Farm industry expected to be down 5-6%, but Mahindra gained 80 bps share.<\/li>\n<li>Mahindra Farm now over 40% market share, exemplifying strong execution.<\/li>\n<li>Some indicators showing potential for improvement, but overall continued weakness in rural spending power.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Finance Turnaround<\/strong>\n<ul>\n<li>Mahindra Finance GS3 at all-time low of 4%, showing risk management.<\/li>\n<li>Strong disbursement growth and sequential NIM increase at Finance.<\/li>\n<li>Resulting improvement has turnaround firmly on track.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Auto Capacity Expansion<\/strong>\n<ul>\n<li>On track for 49k capacity exiting FY23 as previously guided.<\/li>\n<li>M7M won&#8217;t fully utilize for next 2-3 months due to factors.<\/li>\n<li>Projecting higher mid-teen volume growth, ahead of industry.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Drivers<\/strong>\n<ul>\n<li>Financial services saw 24% revenue growth, with Mahindra Accelo at 21%.<\/li>\n<li>Beyond Auto and Farm, other businesses contributing.<\/li>\n<li>Adjusting for Susten gain and impairment, profits grew 34%.<\/li>\n<li>Auto profits major driver of increase at addition of INR721cr.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Finance Business Update<\/strong>\n<ul>\n<li>Finance profits down but credit quality improving.<\/li>\n<li>Absence of prior year credit cost reversals impacting.<\/li>\n<li>But underlying business on track based on targets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Book Status<\/strong>\n<ul>\n<li>Thar, Scorpio Classic, Scorpio N have long waiting periods.<\/li>\n<li>Bolero available without delay.<\/li>\n<li>XUV300 being ramped down ahead of mid-cycle refresh.<\/li>\n<li>With 2.5-3 year old XUV700, need to signal faster availability.<\/li>\n<li>Open up lower variants to broaden funnel from INR25L top-end focus.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Electric Vehicle<\/strong>\n<ul>\n<li>Recent EV price cuts from competition after M&amp;M cuts.<\/li>\n<li>Enabled by battery price declines amid still small category.<\/li>\n<li>M&amp;M targeting 25% share with upgraded XUV400 launch.<\/li>\n<li>EV adoption has faced issues like range anxiety.<\/li>\n<li>Ecosystems expected to develop over time.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin Growth Outlook<\/strong>\n<ul>\n<li>Growth more important than margins for 2023.<\/li>\n<li>Will use cost levers to maintain affordability.<\/li>\n<li>Expect continued business performance improvement.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Emission Compliance<\/strong>\n<ul>\n<li>Comfortably meeting 2024 CAFE norm requirements.<\/li>\n<li>Don&#8217;t foresee added EV needs before BS7 norm.<\/li>\n<li>Current EV volumes sufficient looking ahead.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Rural Exposure\/Potential<\/strong>\n<ul>\n<li>Slowdown impacted Bolero with rural exposure.<\/li>\n<li>Rural-driven Scorpio Classic very strong.<\/li>\n<li>Bolero and XUV300 can see uplift with rural recovery.<\/li>\n<li>However, not expecting dramatic bounce back effect as performance driven more by wider trends.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Thar\/Scorpio Capacity Expansion<\/strong>\n<ul>\n<li>Current Thar capacity split evenly between 2WD and 4WD.<\/li>\n<li>2WD ramp-up constrained by 1.5L engine availability.<\/li>\n<li>5-door Thar capacity separate and on track.<\/li>\n<li>Underestimated continued strong demand for Classic.<\/li>\n<li>Incremental capacity increases challenging and limited.<\/li>\n<li>Expect Classic volumes to remain around 4-4.5K\/month.<\/li>\n<\/ul>\n<\/li>\n<li><strong>ICE Product Roadmap<\/strong>\n<ul>\n<li>Significant ICE launches upcoming with Thar 5-door and XUV300.<\/li>\n<li>Conscious of still needing strong ICE portfolio amid EV shift.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tractor\/Truck Demand Trends<\/strong>\n<ul>\n<li>Southern markets slowing more than other regions now.<\/li>\n<li>Leading to margin mix impact with south higher HP bias.<\/li>\n<li>Selective market activation with top dealers first for trucks.<\/li>\n<li>Calibrated approach to prove model before scaling.<\/li>\n<li>Can attain &gt;INR10k cr revenue at 7-8% share for trucks.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Mahindra &amp; Mahindra Limited (M&amp;M) Q3 FY24 Earnings Concall Auto\/Farm Performance Mahindra Auto continues strong momentum, gaining SUV market share to 21% and becoming #1 in SUVs. Mahindra at 49.6% market share in LCVs after gaining significantly. Auto performance showing benefits of strategic focus on SUVs and LCVs, with strong market share [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392],"tags":[80,10169],"class_list":["post-158817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","tag-automobile","tag-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180423,"url":"https:\/\/alphastreet.com\/india\/mahindra-mahindra-posts-54-pat-surge-in-q3-fy26-on-robust-auto-farm-performance\/","url_meta":{"origin":158817,"position":0},"title":"Mahindra &amp; Mahindra Posts 54% PAT Surge in Q3 FY26 on Robust Auto, Farm Performance","author":"Staff Correspondent","date":"February 11, 2026","format":false,"excerpt":"Mahindra & Mahindra Limited (NSE: M&M)\u00a0 reported strong Q3 FY26 results ended December 31, 2025, with consolidated profit after tax (PAT) at Rs 4,675 crore, up 54% year-over-year. 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Consolidated Highlights Return on equity\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":172319,"url":"https:\/\/alphastreet.com\/india\/mahindra-mahindra-q2-fy26-earnings-results\/","url_meta":{"origin":158817,"position":1},"title":"Mahindra &#038; Mahindra Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 11, 2025","format":false,"excerpt":"Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers. \u00a0 Q2 FY26 Earnings Results: Revenue from Operations (Consolidated): \u20b946,106 crore, up 22% YoY from \u20b937,924 crore in Q2 FY25 Consolidated Profit After Tax (PAT): \u20b93,964\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Mahindra & Mahindra Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Mahindra-Mahindra-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":166967,"url":"https:\/\/alphastreet.com\/india\/mm-q3-2024-2025-call-highlights-ev-boom-tractor-gains-and-market-expansion\/","url_meta":{"origin":158817,"position":2},"title":"M&#038;M Q3 2024-2025 Call Highlights: EV Boom, Tractor Gains and Market Expansion!","author":"Praveen","date":"February 19, 2025","format":false,"excerpt":"Mahindra & Mahindra Ltd., a diversified Indian conglomerate known for its significant presence in the automotive, farming equipment, and financial services sectors, in its Q3 earnings call reported strong EV interest, particularly from luxury car owners, with bookings opening across 250 plus dealerships on February 14th. 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Presenting below are its latest Q1 FY26 earnings. Q1 FY26 Earnings Summary (Apr\u2013Jun 2025) Consolidated Revenue:\u00a0\u20b945,529 crore, up 22% year-over-year (YoY) from \u20b937,218 crore in Q1\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Mahindra & Mahindra Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/5-4.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":168257,"url":"https:\/\/alphastreet.com\/india\/mm-q4-call-highlights-ev-surge-tractor-triumphs-and-future-innovations\/","url_meta":{"origin":158817,"position":4},"title":"M&#038;M Q4 Call Highlights: EV Surge, Tractor Triumphs and Future Innovations!","author":"Praveen","date":"May 6, 2025","format":false,"excerpt":"Mahindra & Mahindra Ltd., a prominent Indian multinational conglomerate, that operates in various sectors including automotive, farm equipment, and financial services, in its Q4 earnings call highlighted robust growth strategies across its EV and tractor businesses. The EV segment saw 75% of bookings for high-end \"pack 3\" models, with plans\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":125421,"url":"https:\/\/alphastreet.com\/india\/key-highlights-from-mahindra-mahindramm-q2-2022-earnings-results\/","url_meta":{"origin":158817,"position":5},"title":"Key highlights from Mahindra &#038; Mahindra(M&#038;M) Q2 2022 earnings results","author":"Nishad","date":"November 9, 2021","format":false,"excerpt":"Mahindra & Mahindra Limited (NSE: M&M) reported second-quarter 2022 earnings results today. The company had a growth of 11% in the consolidated revenues at \u20b9217 billion year on year. Mahindra & Mahindra had a total profit of \u20b919.2 billion or \u20b917.26 per share compared to \u20b91.3 billion or \u20b95.48 per\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Mahindra-MahindraQ222.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Mahindra-MahindraQ222.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Mahindra-MahindraQ222.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Mahindra-MahindraQ222.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Mahindra-MahindraQ222.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/158817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=158817"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/158817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=158817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=158817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=158817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}