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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹34,436 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
M&M reported a strong operating performance in Q2 FY24, with standalone revenue up 17% YoY and PAT up 67% YoY, driven by robust auto demand and market share gains. Auto EBIT margins expanded 200 bps to 7.9% (excluding a one-time gain), while farm margins remained resilient despite a flat industry. SUV bookings remain strong at 286,000, with production ramping to 49,000/month by year-end. The company reiterated its 18% ROE target and highlighted growth gems like electric three-wheelers (61% market share) and Susten (1.5 GW to 7 GW). Key risks include potential margin pressure from World Cup sponsorship costs and slower EV adoption in the entry-level segment.
Colored figures show movement against the previous available record.
Guidance to track
- Production is currently at 42,000/month and on track to hit 49,000 by end of fiscal year.
- Management expects farm machinery revenue to grow about 40% for the full year, up from 35% in H1.
- Credit cost expected to decline from 2.3% in H1 to 1.5%-1.7% by year-end, driven by structural asset quality improvement.
- Susten plans to grow from 1.5 GW to 7 GW in 4 years, with 1 GW of bids already won in H1.
Risks flagged
- Management flagged a three-digit crore one-time expense in Q3 for World Cup sponsorship, which could pressure margins.
- Management indicated a 3-year timeline for TechM's turnaround, but analysts questioned whether FY25 would see significant improvement; response was cautious.
- XUV400 volumes are intentionally low due to planned upgrades, and the entry-level EV segment faces cost and demand challenges.
- M&M has not yet applied for final PLI certification for the XUV400, while a competitor has already received it, posing a competitive risk.
Key quotes
- We are not going to give up on the ICE leadership. We're going to maintain that.
- The way we are marketing, gonna be marketing this, is around lifestyle. We are not thinking about this as this is an EV which has to penetrate ICE.
- We welcome competitors to come in and invest in India, right? We are happy to compete with them. We will beat them on fair terms.
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