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Mahindra reported a 34 per cent year-on-year increase in consolidated net profit in the first quarter supported by good volumes for its SUV portfolio
Mahindra & Mahindra opened FY27 with a notable financial performance buoyed by good volumes for its SUV portfolio, increased electric vehicle sales and continued strength in the tractor business which helped offset mounting commodity costs. The company reported a 34 per cent year-on-year increase in consolidated net profit in the first quarter.
The SUV business once again remained the biggest growth engine for the automaker. Mahindra consolidated its leadership position in the segment by improving its revenue market share to 25 per cent during the quarter. Its SUV volumes increased 15 per cent year-on-year to around 1,75,000 units while revenue from the business climbed 24.4 per cent.
It is supported by consistent demand for models such as the Scorpio, Thar and XUV range alongside the company’s expanding zero-emission SUV range. The homegrown company revealed that the XEV 9S emerged as India’s highest-selling electric passenger vehicle by volume – reiterating the growing acceptance of its dedicated INGLO skateboard platform.
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Pure electric SUVs now contribute 12 per cent of Mahindra’s total SUV sales – well ahead of the industry average. Building on this, the automaker confirmed plans to double its EV manufacturing capacity over the next five years as it prepares for new models to step into this realm as the INGLO as well as the upcoming NU_IQ architectures will play a pivotal role.
The farm equipment business also recorded another appreciable quarter as tractor revenue rose 19 per cent year-on-year while volumes increased 18 per cent. Mahindra’s market share improved to 44.9 per cent as good popularity in rural arena and favourable government measures supported farm incomes which stayed put driving sales across the country.
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However, increasing prices of steel and other raw materials resulted in commodity inflation of around 400-500 basis points which Mahindra largely absorbed instead of passing entirely to consumers. Consequently, standalone automotive operating margin declined to 7.1 per cent during the quarter from 8.9 per cent in the corresponding period last year.
The first model based on the NU_IQ platform will more likely be the production version of the Vision S concept in its ICE form while the electrified Thar has also been speculated. Mahindra is also working on the BE 07 for possible launch next calendar year and in the meantime, mid-cycle updates for multiple products including the Scorpio N are under development.
The post Mahindra To Double EV Production, Bets Big On Upcoming SUVs appeared first on Gaadiwaadi.com - Latest Car & Bike News by Surendhar M.
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