M&M Q2 Revenue Grows 13% Driven By Strong SUV Demand

Mahindra and Mahindra (M&M) posted a robust financial performance in Q2 FY25, with a 13 per cent year-on-year increase in net revenue, reaching Rs 275,533 million. The growth was propelled by a 1 per cent rise in volumes and a 12 per cent increase in Average Selling Prices (ASPs). EBITDA grew by 25.4 per cent year-on-year to Rs 39,498 million, reflecting strong operational control despite higher marketing expenses. Profit after tax (PAT) rose 11.6 per cent from the previous year to Rs 38,410 million.

SUV sales were a major driver, showing a 19 per cent volume increase due to demand for new models such as the XUV 3XO and ongoing strong interest in the XUV 700 and Scorpio. Tractor sales also contributed positively, supported by increased reservoir levels and MSP hikes for key crops. M&M expects strong tractor demand in the second half of FY25, which is forecasted to grow by 6-7 per cent annually.

The company has outlined a significant investment plan, committing Rs 370 billion across sectors, including Rs 140 billion for Auto ICE, Rs 120 billion for Auto EV, and Rs 50 billion for its Farm segment through FY27. The company remains focused on expanding its EV portfolio, with plans to launch two new EV models by the end of FY25.

M&M’s proactive pricing strategies, alongside capacity expansions for SUVs and BEVs, position it to sustain growth in the coming quarters. The company’s strategic product lineup in ICE and EV sectors, along with substantial investments in its farm and SUV segments, reflects its commitment to long-term growth across automotive and agricultural markets.