Mahindra & Mahindra Q4 Results: Consolidated PAT for Q4 up by 4% YoY; Record High Profit for FY24

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M&M Q4 FY 2023-24 results were released on 16 May 2024 as one of India’s top conglomerates experienced a superb end quarter, posting a rise in quarterly Revenue, up 9%, and PAT up by 4%; boasting a strong order book and a steady volume growth in the Auto business and some Services segments up.

5 Key Financial Highlights

M&M Q4 results bring out the proficiency in business that the Company is famous for. With overall profit highs recorded for FY24, the last quarter of FY24 has seen a few lows, but overall, the result has been quite positive from many angles. Here are the main 5 Consolidated financial highlights of Q4: 

Explore: Mahindra & Mahindra Ltd Share Price

  • In Q4 FY24, Mahindra & Mahindra had quarterly Revenue of ₹35,452 Cr, up 9% YoY
  • Consolidated PAT stood at ₹2,754 Cr for the quarter, a rise of 4% YoY 
  • Consolidated Q4 Revenue for the Auto segment was at ₹20,908 Cr, up 22%
  • Consolidated Q4 PAT for the Auto segment was at ₹1,345 Cr, up 3.0x on a YoY basis
  • Farm Machinery Q4 Revenue was at ₹225 Cr, up 44%

Additional Read: Mahindra & Mahindra Ltd

M&M - A Show of Strength in Numbers

In a show of strength befitting the top automaker (among other business segments) has delivered strong results in terms of growth and expansion for FY24, the end of which has culminated in a Q4 with steady results, especially driven by its auto segment (in particular, the SUV business). Here are some prominent business highlights of the Conglomerate: 

  • In Q4 M&M results, the Auto component of the business has done especially proficiently with Q4 volumes at 215K, up 14%; and the highest ever UV volumes at 126K. Furthermore, the Q4 Revenue SUV market share was at 20.4%, up 80 bps, and the LCV segment was at < 3.5T market share at 47.5%, but up by 310 bps. 
  • In terms of the Farm segment, the Q4 Tractor market share was at 39.4%, down 130 bps; Farm machinery Q4 Revenue was up 44%; M&M is at #2 in Rotavators in terms of Farm equipment.
  • In its Services business, MMFSL’s Q4 exit GS3 was the lowest ever at 3.4%, delivering on asset quality; Mahindra Lifespaces Q4 residential pre-sales were reported at ₹1,086 Cr; Club Mahindra Q4 Total Income was up 14% YoY with a growth of 12% YoY member additions; Mahindra Logistics Q4 Revenue was up by 14% YoY. 
  • A dividend of ₹21.10 per share has been declared by the Board, up 30%

Key Financial Metrics - Consolidated Q4 (FY 2023-24) Financial Results of M&M (in ₹ Crore)


Q4 FY24

Q4 FY23

YoY Growth









PAT (excl. PY gains on SEL and

Susten net of PY Trucks





What's Next After M&M Q4?

The Company known for its reliability and business excellence which is used as a benchmark in the industry, has delivered simply stellar results in the quarter that ends FY24. The Auto and Farm segments continue to experience a satisfactory growth momentum in Q4, and the Company has the distinction of being the top SUV player (by Revenue). 

Although the Company’s consolidated results are relevant, the Auto standalone is worth mentioning as its PBIT margin was improved by 190 bps. A leader in Farm equipment and vehicles, the Tractor business of the Company has been boosted as well. Going into FY25, the Company sees itself with its disciplined focus on operations and capital allocation taking it forward. Record cash flow generation has also taken place and an ROE of 18.4% was delivered in FY24. This is the foundation on which the Company’s prospects will be enhanced in FY25. The Company expects positive developments in the tractor industry through FY25 with continuing government focus on infrastructure and agricultural development holding sway. 

Additional Read: Quarterly Results


Mahindra & Mahindra’s Q4 results have been successively good in each quarter of FY24, although some segments may have shown muted performance levels. Overall, the Company has excelled in its Auto and Farm segments, with other segments showing the promise of growth. With plans of going forward and expanding its Farm business, the Company continues to deliver robust Auto volumes and a healthy order book. 

Additional Read: Aditya Birla Capital Q4 Results

About M&M

Taking centre stage in the Auto sector and Farm Vehicle business in India, Mahindra and Mahindra continues to grow and evolve into a better and bigger conglomerate, extending its arms each time. With more than seven decades of business expertise and prowess in each new venture, M&M has been slow, but sure in its rise, with a group turnover of $21 Bn, and a workforce of more than 260K. What started as a steel trading firm has evolved into a legacy brand that has navigated itself globally and become a contender in industry and economy in India. The Conglomerate not only makes the most efficient automobiles, especially SUVs and farm-related vehicles but also has several educational institutions under its banner to boast of. With a strong ESG concentration, the Company functions with the highest ethical standards that make it unique across sectors and geographies.

Results for the Fourth Quarter and Full Year Ended March 31, 2024

Additional Read: Bharti Airtel Q4 Results

Source: M&M Press Release on BSE

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Frequently Asked Questions

Was the M&M Q4 result any good?

Answer Field

The Consolidated Revenue for Q4 as recorded in M&M’s Q4 results was reported at ₹35,452 Cr, a rise of 9% YoY, with a Consolidated PAT of  ₹2,754 Cr, up by 4% YoY. The growth for the quarter has been led by M&M’s Auto segment and yearly growth has been backed by the Farm segment. Results have been promising overall as the Company’s financials, including cash flows, remain strong.

How did the Auto segment of the Company perform in Q4?

Answer Field

The consolidated Q4 PAT for the Auto segment was at ₹1,345 Cr, up 3.0x on a YoY basis, and the business also witnessed a rise in volumes by 14% YoY.

What is the future of M&M?

Answer Field

M&M Q4 results have shown a proficient end to FY24, and a head start in the coming FY25. With robust volume sales in its auto segment, the Company sees its farm segment growing prospectively in the quarters to come. Expecting a positive monsoon translates to the Company’s farm segment growing further. The Company’s other businesses have also shown promise in Q4 and FY24 and these will continue to evolve in FY25.

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