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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
₹35,299 Cr
verified against source
Revenue YoY
15%
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 solid Q3 FY24 with consolidated PAT up 34% YoY (excluding one-offs), driven by strong auto performance. SUV revenue market share reached 21% (number one), and LCV share stood at 49.6%. Auto PBIT surged 91% YoY (excluding prior-year impairment). Farm equipment revenue was flat, with tractor margins at 16.9% (impacted by 70bps World Cup spend). Management guided for auto industry UV growth of 10-12% and M&M SUV growth in mid-to-high teens for FY25. Key risks include rural demand weakness and potential supply chain disruptions from Red Sea issues.
Colored figures show movement against the previous available record.
Guidance to track
- M&M expects to grow faster than the UV industry (SIAM forecast 10-12%), targeting mid-to-high teens growth.
- Capacity expansion on track to 49,000 units per month by end of current quarter, though near-term volumes may be impacted by XUV300 ramp-down.
- Management guided for tractor industry to decline 10% in Q4 FY24, with full-year decline around 5%.
- Farm machinery business expected to break even in about 1.5 to 2 years with current growth plans.
Risks flagged
- Tractor industry down ~5% due to weak rural sentiment; recovery depends on monsoon and government spending.
- Analyst raised concern about 55-60 day delays; management downplayed impact but acknowledged potential cost and export delays.
- TechM profit down 61%; management acknowledged it as a sore spot and expects recovery but with uncertainty.
- Bookings fell as deliveries improved; management sees this as positive but risk of demand softening if perception of long wait persists.
Key quotes
- We are number one on revenue market share given our price per unit is much higher than everyone else.
- It's not good news to have a good booking number. It's good news to have growth.
- We see hybrid essentially as an extension of ICE. We felt that EV was a better place to be because that is a technology for the future.
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