Mahindra & Mahindra has registered an 18 per cent growth in auto sales, posting the highest-ever quarterly volumes at 2,12,000 units.

The company’s open bookings of SUVs stood at 2,86,000 units as of November 1.

The company has reported robust earnings for the September quarter, with net profit surging 67 per cent year-on-year (YoY) to Rs 3,452 crore.

Revenue from operations increased nearly 16 per cent year-on-year to Rs 24,310 crore.

The automotive segment did well for the company, with revenue growing 22 per cent year-on-year to Rs 18,405.46 crore.

The electric three-wheeler volume was up 74 per cent. Standalone PBIT was at Rs 1,452 crore, up 64 per cent and the PBIT margin stood at 7.9 per cent, up 200 bps.

However, the farm equipment segment’s performance was muted, with revenue down 0.4 per cent to Rs 5,919.50 crore.

Commenting on the performance, Anish Shah, managing director & CEO, M&M Ltd said, “During the second quarter, operating performance across auto, farm and services was robust. Auto rapidly grew to double its operating profit. Farm continues to be resilient despite tough market conditions. In services, MMFSL had its lowest-ever GS3 and a turnaround is on track to unlock its full potential.

“TechM had a tough quarter, we’re now initiating the transformation journey in the business. With H1 PAT growth of 18 per cent, we are well on our way to delivering scale by transforming our core businesses.”

Rajesh Jejurikar, executive director & CEO (auto and farm Sector) of M&M, said, “We have maintained our SUV revenue market share at 19.9 per cent while improving our auto standalone PBIT margins. In the tractor business, we increased our market share by 150 bps.”