Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q3 FY2025 Earnings Presentation
37 slides from Mahindra & Mahindra's earnings presentation, Feb 7, 2025
Slide 1: Bold by Design – Analyst Meet
Bold by Design Analyst Meet Dr Anish Shah | 7 February 2025 SAFE HARBOR STATEMENT: “Certain statements with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such
Slide 2: Key Messages
Key Messages • Consistent growth and margin momentum in Auto & Farm Auto volume 16% … SUV revenue market share 23%, 200 bps Farm volume 20% … Market share 44.2%, 240 bps Auto PBIT margin 9.7%, 120 bps … Farm PBIT margin 18.1%, 260 bps • Turnaround businesses on track TechM: EBIT 10.2%, 480 bp
Slide 3: Consolidated M&M results: Q3 F25
Consolidated M&M results: Q3 F25 Rs cr. Revenue PAT 13% YTD 41,470 17% 20%* YTD 35,299 3,181 20% 2,658 Q3 F24 Q3 F25 Q3 F24 Q3 F25 3 * Excluding PY gains of 763 cr. on KG Mobility listing and MCIE sale & CY gains of 304 cr. on sale of land
Slide 4: Consolidated PAT: Key Drivers
Consolidated PAT: Key Drivers Rs cr. Rs cr. Auto and Farm TechM and MMFSL Growth Gems Capitalize on market leadership Achieve full potential 5X challenge 16% 47% 2,434 42 33%* 1.9x 2,099 13* 474 275 322 143 32 Q3 F24 Q3 F25 Q3 F24 Q3 F25 Q3 F24 Q3 F25 Q3 F24 Q3 F25 TechM MMFSL ▪ Vol growth, market s
Slide 5: Capitalize on market leadership
Capitalize on market leadership Rs cr. Auto Farm ▪ No 1 SUV player … Volume 20% ▪ Highest-ever domestic vol and market share ▪ Strong execution … Margin 120 bps* ▪ Challenges in international businesses ▪ Two BEV launches ▪ Operating leverage … Margin 260 bps* Q3 F25 VPY Q3 F25 VPY SUV rev. marke
Slide 6: Achieve full potential
Achieve full potential MMFSL Tech Mahindra ▪ AUM 19% ▪ Key new deal wins in Telecom ▪ GS3 <4% threshold ▪ Green shoots in BFSI, Healthcare ▪ Provision release in line with end loss trend ▪ Margin recovery of PY one timers Q3 F25 VPY Q3 F25 VPY GS3% 3.9% 4 bps TCV ($ Mn) 745 96% AUM 115.1K cr. 19% E
Slide 7: Growth Gems
Growth Gems Logistics Hospitality Real estate ▪ Large quick-commerce partnership ▪ 84% occupancy … flat vs PY on ▪ Largest ever land acquisition … expanded inventory base 12k cr. GDV (Bhandup) ▪ Challenges persist in express ▪ Average unit realization … 37%* ▪ Healthy collections growth ▪ Service a
Slide 8: Consistent delivery on commitments
Consistent delivery on commitments Rs cr. RoE (%) YTD EPS (Rs) 2.2* 11.2* c 76.1 86.0 17.7 18.4 18.4# 14.8 57.2 13.8 42.4 38.8 0.3 4.4 13.2 6.6 F19 F20 F21^ F22 F23 F24 YTD Q3 F19 F20 F21^ F22 F23 F24 F25 F25 # Annualised YTD ROE 8 ^ Considering continuing & discontinued operations * F23 includes ga
Slide 9: Q3 F25 Analyst and Investor Conference: Automotive & Farm Sectors
Q3 F25 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 7th February 2025
Slide 10: Farm Equipment: Transform Farming, Enrich Lives
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 11: Q3: Farm
Q3: FARM TOTAL VOLUMES 121K 20% YoY EXPORTS 3.7k 14% YoY 44.2% 240 bps YoY MARKET LEADERSHIP HIGHEST EVER Q3 MS 11 Market Share includes Gromax
Slide 12: Building Domestic Fortress
BUILDING DOMESTIC FORTRESS Market Share 43.9% 41.2% 41.2% 41.6% 40.2% 40.0% 38.2% F19 F20 F21 F22 F23 F24 YTD F25 Consistent increase in MS: ▪ YTD F25 MS at 43.9%; up by 170 bps vs PY ▪ Q3 F25 MS at 44.2%; up by 240 bps vs PY 12 Market Share includes Gromax
Slide 13: Farm Machinery
FARM MACHINERY Q3 Revenue (Rs cr.)* YTD Revenue (Rs cr.)* 767 20% 249 12% 641 221 29% 28% 498 172 Q3 F23 Q3 F24 Q3 F25 YTD F23 YTD F24 YTD F25 13 * Including MITRA
Slide 14: Farm Conso Financials Q3 F25
FARM CONSO FINANCIALS Q3 F25 Rs cr. Revenue PBIT 11% 29% 9,537 8,600 1,350 1,051 Q3 F24 Q3 F25 Q3 F24 Q3 F25 Nos are after hyper inflation accounting for Turkey companies 14 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 15: Farm Margins
FARM MARGINS Farm Standalone PBIT% Core Tractor* PBIT% 2.6% 2.6% 19.5% 18.1% 17.3% 16.9% 16.3% 15.5% # Q3 F23 Q3 F24 # Q3 F25 Q3 F23 Q3 F24 Q3 F25 Farm Standalone segment includes Powerol Business 15 #0.7% one-time impact of World Cup sponsorship in Q3 F24 *Core Tractor comprises of Tractor business
Slide 16: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 26.9% 23.4% 19.8% 19.7% 19.0% 18.6% 19.7% 18.7% 19.5% 17.4% 17.5% 16.9%* 17.6% 12.2% 13.5% 8.0% 0.5% 0.7% -4.9% -1.9% -6.4% -5.6% -9.9% -18.9% F19 F20 F21 F22 F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 16 * 0.7% one-time impact of Worl
Slide 17: Tractor Industry Expected to Grow by >15% in Q4
TRACTOR INDUSTRY EXPECTED TO GROW BY >15% IN Q4 ▪ Strong reservoir levels at 64% of live capacity(16% above LPA) ▪ Smooth progress of Rabi sowing (103% of Rabi area sown) ▪ Record Kharif food grain production up by 5% YoY ▪ Hike in MSP of key Rabi crops such as Wheat and Mustard by ~5-7% YoY ▪ Terms
Slide 18: Automotive Business: Explore the Impossible
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 19: Q3: Auto
Q3: AUTO Volumes MS SUV 142K Revenue MS 23.0% 20% YoY 200 bps YoY LCV <3.5T2 67.5K Vol MS 51.9% 7% YoY 230 bps YoY Total Volumes1 245K 16% YoY 19 1. Numbers include sales made by MLMML 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to 7.5
Slide 20: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE #2 in Volume Market Share #1 in Revenue Market Share 23.0% 136.0 142.2 21.6% 21.9% 126.1 20.6% 21.0% 118.9 124.2 20.2% 20.0% 20.4% 114.7 19.6% 99.1 100.2 90.8 Q3F23 Q4F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q3F23 Q4F23 Q1F24 Q2F24 Q
Slide 21: Thar and Roxx Awards Recognition
THARTHE SUV ROXX - THE | Top CAR&OF Awards THE YEAR Recognition 21
Slide 22: #1 in LCV <3.5T
#1 IN LCV <3.5T Q3 F25 MS 51.9%, gain of 2.3% YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 52.3% 51.9% 67.5 50.9% 65.4 62.9 63.4 49.3% 49.7% 49.6% 58.3 61.3 59.1 61.7 46.5% 47.5% 57.9 44.4% Q3F23 Q4F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q3F23 Q4F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3 F25 Q3
Slide 23: Last Mile Mobility
LAST MILE MOBILITY Market Leadership in E-3W with 41.8%1 MS in Q3 F25 Highest ever quarterly E-3W billing at 21.4K in Q3 F25 Sales Volume2 29,394 27,104 28,209 23,412 22,982 7,463 ▪ L53 electrification is at 24.9% in Q3 F25 7,061 8,967 8,691 7,399 ▪ Received PLI incentive approval & disbursement for
Slide 24: Auto Conso Financials Q3 F25
AUTO CONSO FINANCIALS Q3 F25 Rs cr. Revenue PBIT 21% 31% 23,391 2,006 19,380 1,530 Q3 F24 Q3 F25 Q3 F24 Q3 F25 24 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 25: Auto Margin Improvement Continues
AUTO MARGIN IMPROVEMENT CONTINUES Auto Standalone PBIT% 1.2% 1.9% 9.7% 8.5% 6.6% * Q3 F23 Q3 F24 Q3 F25 *Q3 F23 PBIT % is before MHEL & MTWL merger 25 Auto Standalone Segment includes Spares business and manufacturing of Two-Wheelers
Slide 26: Auto Standalone: What is the Change
AUTO STANDALONE : WHAT IS THE CHANGE Auto Standalone as reported eSUV Contract Mfg.# Auto Standalone* A+B % = + B % A % X+Y Y X Revenue PBIT Revenue PBIT Revenue PBIT Auto Standalone Results will eSUV Contract Mfg. for MEAL *Auto business excl eSUV reflect sales to MEAL by Auto Contract Mfg. for MEA
Slide 27: BEV: Understanding End-to-End Margins
BEV : UNDERSTANDING END-TO-END MARGINS eSUV Contract Mfg.# in Auto Standalone MEAL Ltd as a Company Previous Year Current Year Previous Year Current Year Revenue Revenue EBITDA EBITDA EBITDA % EBITDA % PBIT PBIT PBIT % PBIT % Part of Auto Standalone Auto Subsidiary; part of Auto Conso BEV = MEAL Ltd
Slide 28: eSUV: Our Right to Win
eSUV : OUR RIGHT TO WIN We will make electric SUVs that are objects of Desire Head Turning Design Human Machine Interface High-tech features 28
Slide 29: eSUV: Our Strategy
eSUV : OUR STRATEGY UNLIMIT TECHNOLOGY UNLIMIT RANGE SEAMLESS CHARGING Democratizing Game Changing Features 500+Km Real World Range on 79kwh 350+ experts Industry-first relationship managers Strong network of CPOs Mainstream Luxury with 5,000 units p.m. in initial phase of BE6 and XEV 9E MAHINDRA EL
Slide 30: BEV Video
BEV VIDEO 30
Slide 31: Financials – Analyst Meet
Financials Analyst Meet Amarjyoti Barua | 7 February 2025
Slide 32: Financial Results: Q3 F25
Financial Results: Q3 F25 CONSOLIDATED M&M Rs cr. Revenue PAT 13% YTD 41,470 17% 20%* YTD 35,299 3,181 20% 2,658 Q3 F24 Q3 F25 Q3 F24 Q3 F25 32 * Excluding PY gains of 763 cr. on KG Mobility listing and MCIE sale & CY gains of 304 cr. on sale of land
Slide 33: PAT: Q3 F25
PAT: Q3 F25 CONSOLIDATED M&M Rs cr. Q3 F24 Q3 F25 Q3 F24 to Q3 F25 Auto 1,201 1,438 20% 98 188 3,181 Farm 898 996 237 2,658 Services 559 747 TechM 143 275 MMFSL 322 474 Growth Gems & Invt 94 (3) Total 2,658 3,181 PAT Q3 F24 Auto Farm Services PAT Q3 F25 33
Slide 34: Financial results: Q3 F25 (Standalone)
Financial results: Q3 F25 STANDALONE M&M Rs cr. Revenue PAT 15% YTD 30,964 20% 15%* YTD 25,737 2,964 19% 2,490 Q3 F24 Q3 F25 Q3 F24 Q3 F25 34 * Excluding PY gains of 639 cr. on KG Mobility listing and MCIE sale & CY gains of 201 cr. on sale of land
Slide 35: Auto Standalone: What is the Change
AUTO STANDALONE : WHAT IS THE CHANGE Auto Standalone as reported eSUV Contract Mfg.# Auto Standalone* A+B % = + B % A % X+Y Y X Revenue PBIT Revenue PBIT Revenue PBIT Auto Standalone Results will eSUV Contract Mfg. for MEAL *Auto business excl eSUV reflect sales to MEAL by Auto Contract Mfg. for MEA
Slide 36: BEV: Understanding End-to-End Margins
BEV : UNDERSTANDING END-TO-END MARGINS eSUV Contract Mfg.# in Auto Standalone MEAL Ltd as a Company Previous Year Current Year Previous Year Current Year Revenue Revenue EBITDA EBITDA EBITDA % EBITDA % PBIT PBIT PBIT % PBIT % Part of Auto Standalone Auto Subsidiary; part of Auto Conso BEV = MEAL Ltd
Slide 37: Thank You
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