M&M: Profits surge on a low base
(Jan 25, 2010)
Standalone sales grow by 56% YoY during 3QFY10, aided by strong performance from both the business segments. While the automotive segment grows by 87% YoY, the farm equipment segment grows by 28% YoY. Volumes of the utility vehicle segment surge by 73% YoY during the quarter. Domestic tractor volumes up 38% YoY. Operating margins surge to 14.5% during the quarter, from just 2.4% in 3QFY09. Stock related adjustments and lower staff costs (both as percentage of sales) lead to this rise in margins. A robust growth in operating profits flow through to the bottomline that multiplies by over nine times, though on a very low base. Sales and net profits for 9mFY10 grow by 41% YoY and 262% YoY respectively.

M&M: All round buoyancy!
(Oct 29, 2009)
Standalone topline grows by 36% YoY during the quarter, driven by robust sales in both its key divisions. Operating margins expand by a whopping 12.3% over the same quarter last year, resulting into the company more than quadrupling its operating profits. The expansion was made possible mainly on account of lower raw material costs Net profits grow nearly threefold as higher tax rates take some sheen off the strong operating performance. It nevertheless is a very strong performance by the company Half yearly bottomline also nearly triples on the back of a 34% growth in topline Consolidated profits during the quarter grow by 127% YoY on the back of 6% growth in topline

M&M: The big, fat margin jump
(Jul 30, 2009)
The results of M&M for 1QFY10 include the results of its erstwhile subsidiary Punjab Tractors Ltd and Mahindra Holdings and Finance Limited which were merged with the company. Standalone topline grows by 29% YoY during the quarter, aided by strong 44% YoY volume growth in the farm equipment segment. Operating margins for the quarter expand by 6.6% YoY mainly due to lower raw material and other expenses (as a percent of sales). PBIT margin of farm equipment segment improves from 12% to 17%, while that of automotive segment sees an increase from 8% to 10% during 1QFY10.

M&M: The amalgamation boost
(May 28, 2009)
Standalone topline grows by 14% YoY for the fiscal, aided to a significant extent by the amalgamation of Punjab Tractors Operating margins for the full year contract by 350 basis points as higher expenses take toll Standalone bottomline declines by 24% YoY led by lower operating margins and exceptional items. PBT, which excludes the impact of exceptional items, fell by 17% during the fiscal Net profits for the fourth quarter jump an impressive 89% YoY on the back of a 16% growth in topline Consolidated bottomline falls by 11% YoY on the back of a 11% YoY growth in topline during the fiscal Announces a dividend of Rs 10 per share for the full year (div yield of 1.5%)

M&M: A very close shave
(Feb 2, 2009)
Standalone topline declines by 15% YoY during the quarter, led by 25% decline in overall volumes. Operating margins fall by 2.2% on the back of higher raw material costs as well as wages. Bottomline is barely a whisker away from slipping into the red as higher interest expenses and forex losses further hurt profitability. PBT, which excludes the impact of forex losses, registers a decline of 36% YoY during the quarter. Bottomline for the nine month period falls 56% YoY on the back of 6% growth in topline. PBT, which excludes forex impact, falls 11% YoY for the period. Consolidated bottomline registers a fall of 93% YoY on the back of a 6% decline in topline.

M&M: Material costs spoil the show
(Oct 29, 2008)
Topline grows by 14% YoY during the quarter, led by buoyancy in the farm equipment segment. Operating margins tumble by 6.3% on the back of higher raw material costs and exchange related losses. Excluding exchange related losses, margins fall by 2.1%. Net profits decline 20% YoY led by operating margin decline as well as series of exceptional and special items. Excluding the impact of exceptional and special items, bottomline registers a growth of 9% on a YoY basis during the quarter. Half yearly bottomline falls 19% YoY on the back of 18% growth in topline. On the consolidated front, profits for 1HFY09 grow 13% YoY on the back of 24% YoY growth in gross revenues.

M&M: A costly growth
(Jul 30, 2008)
Standalone topline grows by a healthy 26% YoY during 1QFY09, led by 21% YoY growth in volumes (excluding sales of Logan). Operating margins suffer a decline of 3.1%, due mainly to forex related losses and higher raw material costs Bottomline falls 17% YoY on the back of poor operating performance as well as higher interest and depreciation charges. Excluding the forex losses, bottomline has witnessed a growth of 11% YoY.

M&M: Challenging year
(May 28, 2008)
Topline grows by 15% YoY for the full year, led by 15% YoY growth in automotive volumes (excluding Logan). Operating margins suffer a decline of 100 basis points during FY08 as higher expenses take toll. Bottomline growth for the full year stands at 3% YoY, led by lower operating margins and higher interest and depreciation charges. For the fourth quarter ended March 31, 2008, the company has recorded a 6% YoY drop in net profits on the back of a 15% YoY growth in topline

M&M: It’s the extraordinary again!
(Jan 31, 2008)
Led by 16% YoY growth in volumes (excluding Logan), standalone topline grows by 14% YoY during 3QFY08. Jump in staff costs and other expenses leads to operating margin contraction of 70 basis points. Bottomline grows by 68% YoY led by an extraordinary income. Excluding the same, bottomline shows a modest growth of 3% YoY. 9mFY08 net profits show a marginal improvement of 6% on the back of a 14% jump in topline

M&M: The extraordinary impact
(Oct 30, 2007)
Led by 8% YoY growth in volumes (excluding Logan), standalone topline grows by 13% YoY during 2QFY08. Jump in staff costs and other expenses leads to operating margin contraction of 1%. Bottomline falls by 26% YoY led by an extraordinary income during the same quarter last year. Excluding the same, bottomline shows a modest growth of 6% YoY. 1HFY08 net profits (excluding the effect of extraordinary income in 1HFY07) shows a marginal improvement of 1% on the back of a 15% jump in topline