<p>Mahindra & Mahindra Ltd. (M&M), a major manufacturer of automobiles, reported a net profit of Rs 2,773.73 crore for the first quarter of FY24 on Friday.</p>
<p>The business also said that its three fully owned subsidiaries will combine with it.<img decoding=”async” class=”alignnone wp-image-113439″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-air-india-and-indigo-flights-create-snugs-and-safely-land-at-their-respective-airports-download-2023-08-05t163747.851.jpg” alt=”” width=”1333″ height=”749″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-air-india-and-indigo-flights-create-snugs-and-safely-land-at-their-respective-airports-download-2023-08-05t163747.851.jpg 299w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-air-india-and-indigo-flights-create-snugs-and-safely-land-at-their-respective-airports-download-2023-08-05t163747.851-150×84.jpg 150w” sizes=”(max-width: 1333px) 100vw, 1333px” /></p>
<p>According to a regulatory filing, the M&M reported total revenue of Rs 25,025.95 crore (Q1FY23 revenue of Rs 19,952.88 crore) and net profit of Rs 2,773.73 crore (Rs 1,403.61 crore) for the quarter that ended June 30, 2023.</p>
<p>A merger plan including the business’s three fully owned subsidiaries Mahindra Heavy Engines Ltd, Mahindra Two Wheelers Ltd, and Trringo.com Ltd was also authorized by the corporate board.</p>
<p>M&M claims that Mahindra Heavy Engines now produces and sells engines and other auto parts for use in cars and genset applications.</p>
<p>Currently, the Mahindra Two Wheelers deals with the components needed for the assortment of two-wheelers, passenger light motor vehicles, and commercial vehicles produced and marketed by M&M. Additionally, it handles transportation, procurement, warehouse management, and the selling of accessories and replacement parts.</p>
<p>On the other side, Trringo.com used a franchisee-based business model to conduct organized agricultural equipment rentals.</p>
Mahindra & Mahindra reports a first-quarter net profit of Rs. 2,773.73 billion
