M&M has reported a growth of 35% in their consolidated net profit for the second quarter of 2024, reaching ₹3,171 crore. The company attributed this impressive growth to the strong performance of all its businesses, with consolidated revenue growing by 10%. The auto business saw the highest quarterly volumes at 231,000 units, with a growth of 9%, while financial services' Asset Under Management increased by 20%.
Mahindra & Mahindra's Remarkable Growth: A Deeper Dive
Background
Mahindra & Mahindra (M&M), a leading Indian automotive manufacturer, has been consistently performing well in recent quarters. The company's recent financial results demonstrate the continued success and growth it has achieved.
Second Quarter 2024 Performance
According to Google search results, M&M reported a notable 35% growth in consolidated net profit for the second quarter of 2024, reaching ₹3,171 crore. This impressive growth was driven by the strong performance of all its businesses, resulting in a 10% increase in consolidated revenue.
The auto business contributed significantly to this growth, with quarterly volumes reaching 231,000 units, reflecting a 9% increase. Additionally, the financial services division experienced a 20% increase in Asset Under Management.
Factors Driving Growth
M&M attributed its strong performance to several factors, including:
Future Outlook
M&M remains optimistic about the future and expects continued growth in the coming quarters. The company has a strong pipeline of new product launches and plans to expand its presence in both domestic and international markets. It also aims to further strengthen its financial services business and explore new growth opportunities.
Top 5 FAQs and Answers
1. What factors are driving M&M's growth?
2. What areas of business contributed most to the growth in Q2 2024?
3. How does M&M compare to other automotive manufacturers in India?
4. What are M&M's plans for the future?
5. What is the expected growth rate for M&M in the upcoming quarters?
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