Mahindra & Mahindra (M&M) reported very strong results for the January-March quarter of the last financial year (Q4FY24), beating consensus comfortably. The margins of the automobile business improved 170 basis points (bps) year-on-year (Y-o-Y) to 8.8 per cent, while FES (Farm Equipment Sector) margins improved to 15.8 per cent (up 60 bps Y-o-Y), despite a decline in volumes due to cost optimisation and lower raw material costs.
Increase in kharif sowing area, good monsoon, rural cash flows and base effect among factors that have driven volumes.
This rise was spurred by record kharif sowing - after a good rabi season - that ensured high disposable incomes in rural India.
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