Mahindra & Mahindra on Friday reported a 67 per cent surge in standalone net profit for the first quarter ended June 30. Net profit at the utility vehicle and tractor major rose to Rs 1,430.16 crore compared with Rs 856.67 crore in the same period of the previous year.

The period saw its revenues rising to Rs 19,612.64 crore from Rs 11,764.82 crore a year ago, a rise of around 67 per cent.

M&M saw the highest ever quarterly standalone revenue for auto and farm segments at Rs 18,995 crore during this period.

The company’s tractors market share for the first quarter at 42.7 per cent showed a rise of 9 basis points.The company also had the top position in the SUV revenue market share at 17.1 per cent.

“We saw good momentum across all our group companies, led by the strong results of the auto and farm sector,” M&M Ltd managing director & CEO Anish Shah said.

Addressing a virtual conference, Shah added that the semiconductor issue is “largely abated” and has very little impact at present.

The long waiting period of its vehicles, including the XUV700, that ranges from 22 to 24 months is largely due to demand of vehicles and the company’s capacity constraints and not necessarily because of chip shortage.

When asked about the possible impact of an interest rate hike, Shah said it hasn’t had any major effect on demand, as shown by the order for the new Scorpio-N which has clocked over a lakh bookings.

As on August 1, the company has a booking pipeline of over 1.4 lakh for its other SUVs, including XUV300, XUV700, Thar and Bolero.