Mahindra & Mahindra Ltd Share Price – NSE  /  BSE

Automobile, Mid Cap

Gelos is a wholly owned subsidiary of Mahindra Susten (MSPL). MSPL, in turn, is a subsidiary of Mahindra Holdings (MHL), which is ultimately a wholly owned subsidiary of Mahindra & Mahindra.

Gelos Solren (Gelos) is an Indian company formed for the purpose of production and sale of power and generating electricity, distributed energy including rooftop solar, installation for commercial, industrial, institutional and residential segment.

The company will acquire 26% stake in Gelos for total consideration of Rs 40.08 crore. The said acquisition will be completed by 31st August 2025.

The said investment will help the company in reducing its energy cost, carbon footprint and working towards its commitment of ‘Planet Positive’ businesses and adopting 100% renewable energy by 2030 across various businesses.

Further, the Group has announced that it will develop a around 150 MW hybrid RE (solar + wind) project. The total project cost is around Rs 1,200 crore.

The project will be developed by Mahindra Susten, part of Mahindra Group and a leader in renewable Independent Power Producer (IPP) business, with marquee global investor Ontario Teachers’ Pension Plan board as a strategic partner. The installation will include around 101 MW wind capacity and around 52 MW solar capacity and is expected to generate 460 million kWh of energy leading to expected abatement of 420,000 tonnes of CO2 emissions.

The project also marks Mahindra Susten’s foray into the ‘hybrid RE’ segment and will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to commercial and industrial (C&I) customers. The project will be commissioned within the next two years and will integrate more than 80% locally manufactured components.

The Auto & Farm businesses of M&M has contracted capacity of approximately 41.20MW of wind and 25.90 MW of solar within this project which will annually generate about 197 million kWh of energy and is expected to abate around 184,000 tonnes of CO2 emissions. The project is expected to increase the Renewable Energy (RE) share of M&M from 34% in FY23 to around 60% in FY26.

Anish Shah, CEO & MD, Mahindra Group, said, Energy transition is a key global and national priority to address climate change. This project is a tangible example of our commitment to sustainability, as a consumer of green power, and building ‘Planet Positive’ businesses, as the developer of the project. It also demonstrates a clear economically accretive business case and Group synergy.

Deepak Thakur, CEO & MD, Mahindra Susten, added, We are indeed pleased to announce our foray into the hybrid RE space and deliver clean, green power at competitive rates to large C&I consumers. This project will showcase the immense potential of hybrid RE solutions in helping companies transition towards green operations.

Veejay Nakra, President, Automotive Division, M&M, said, “As the auto business invests to increase capacity and shifts towards a greener portfolio with the impending launch of multiple EVs, we want to ensure our operational emissions also come down. This project is a clear win for both economic and environmental outcomes, and a step further in integrating sustainability closely with business strategy.”

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.

Shares of Mahindra & Mahindra were lower 0.76% to Rs 2,054.45 on the BSE.

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Mahindra & Mahindra Ltd is up for a fifth straight session today. The stock is quoting at Rs 2076.85, up 3.16% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.71% on the day, quoting at 22673.2. The Sensex is at 74782.79, up 0.72%. Mahindra & Mahindra Ltd has gained around 9.63% in last one month.

Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has gained around 5.01% in last one month and is currently quoting at 21600.9, up 2.09% on the day. The volume in the stock stood at 19.13 lakh shares today, compared to the daily average of 32.93 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 2076.35, up 2.96% on the day. Mahindra & Mahindra Ltd is up 74.73% in last one year as compared to a 28.65% jump in NIFTY and a 74.79% jump in the Nifty Auto index.

The PE of the stock is 23.32 based on TTM earnings ending December 23.

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On a sequential basis, M&M's total auto sales decreased 6.18% in march 2024 as against 72,923 units sold in February 2023.

In the utility vehicles segment, the company sold 40,631 vehicles in March 2024, recording a growth of 13% YoY.

The company sold 20,930 units of commercial vehicles (LCV+MHCV) in March 2024, down 6.06% as against 22,282 units sold in February 2023. Three Wheelers (including electric 3Ws) sales fell by 7% to 5,279 units in March 2024 from 5,697 units sold in the same period a year ago.

Exports for the month stood at 1,573 vehicles (down 26% YoY).

On full year basis, the company’s overall auto sales grew 18.11% to 8,24,939 units in FY24 as against 6,98,456 units recorded in FY23

According to Veejay Nakra, president of Automotive Division at M&M, said, “We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest ever for any commercial vehicle in the load segment in India. In March, we sold a total of 40,631 SUVs, with a growth of 13% and 68,413 total vehicles, a 4% growth over last year.”

Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during January 2024 was at 26,024 units, registering a decline of 26% as against 35,014 units for the same period last year.

Domestic tractor sales declined 28% to 24,276 units and tractor exports jumped 26% to 1,748 units during the period under review.

For FY24, the company’s overall tractor sales slipped 7% year on year to 3,78,386 units.

Hemant Sikka, president - Farm Equipment Sector, Mahindra & Mahindra said, “We have sold 24,276 tractors in the domestic market during March 2024. Government announcement of increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. Forecast of a normal South -West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1748 tractors, a growth of 26% over last year.”

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.

Shares of Mahindra & Mahindra were higher 0.16% to Rs 1924.40 on the BSE.

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Mahindra & Mahindra announced that the company currently operates in Mexico through various channels including the distributor channel wherein it continues to operate, sell and service its products including tractors and other farm machinery. The company's sale of tractors in Mexico has increased by CAGR of 41% over the last 3 years ending FY 2023.

The company, through its wholly owned subsidiary Mahindra USA Inc. (MUSA) has a step-down subsidiary Mahindra Mexico S. De. R. L. (Mahindra Mexico) which has been non-operating for over two years. As a part of the organisational structure simplification, Mahindra Mexico had filed for voluntary liquidation.

MUSA has today intimated to the Company at 12.57 p.m. that the voluntary liquidation of Mahindra Mexico, has received final approval by the Members of Mahindra Mexico effective 28 March 2024.

Consequent to the above, Mahindra Mexico has ceased to be a subsidiary of MUSA and that of the company with effect from 28 March 2024.

Upon liquidation of Mahindra Mexico, MUSA is entitled to receive approximately MXN 3.8 million (equivalent to Rs 1.82 crore) as distribution towards 99.99% of shareholding held by MUSA in Mahindra Mexico.

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