M&M Q1 Profit Up 6.8%; Exide Net Jumps 28% on Strong OEM Growth

Mahindra & Mahindra reported a 6.8% rise in first-quarter net profit to ₹3,685 crore, the auto maker said Monday. Revenue climbed 23% to ₹41,920 crore, driven by strong SUV demand and market share gains.

Auto revenue reached ₹31,033 crore, up 24.4% from a year earlier. Farm equipment revenue rose 19.2% to ₹10,947 crore, and profit from that segment increased 11.5% to ₹2,028 crore. Auto PBIT was flat at ₹2,212 crore.

EBITDA grew 8.9% to ₹5,111 crore. The margin narrowed to 12.2% from 13.9% a year ago. The sequential margin also slipped from 13.8% in the fourth quarter.

Exide Industries posted a bigger beat. Net profit jumped 28% from a year earlier to ₹351 crore, and rose 62% sequentially. Revenue increased 18% to ₹5,528 crore, the battery maker said.

EBITDA rose 15% to ₹622 crore. The margin dipped to 11.2% from 11.5% a year ago. Sequentially, margin improved from 10.3%.

Automotive OEM business grew more than 25% for the third consecutive quarter. The replacement segment also posted strong double-digit growth. A better product mix helped profitability, Exide said, and calibrated price hikes offset input costs. Growth in the quarter was supported by new geographies and products, particularly in UPS, solar and infrastructure segments.

Both companies reported their results on a day the Sensex opened 788 points higher at 78,883. The benchmark later traded 543 points up at 78,638 as of 9:16 a.m. local time. Nifty 50 was 168 points higher at 24,552.