“We have no intention of entering a bank at this time and we do not expect to go higher (than 3.53%) either. At this level, we are the third-largest shareholder, and this will help us understand the business more,” he added.
The company recorded a 98% increase in net profit for the first quarter of the current fiscal year, reaching Rs 2,774 crore, up from Rs 1,404 in the year-ago quarter. Standalone revenue rose 23% to Rs 24,368 crore, compared to Rs 19,813 crore in the year-ago period. EBITDA at Rs 3,547 crore increased by 46% year-on-year compared to Rs 2,422 crore in Q1FY23. The company’s consolidated PAT stood at Rs 3,508 crore, a 60% increase.
The company plans to invest Rs 10,000 crore in its electric vehicle business between FY22-27, having already invested Rs 1,600 crore, of which Rs 800 crore came from the Rs 1,925 crore investment into MEAL (Mahindra Electric Automobile Ltd) by BII. M&M, according to Shah, is purposely not diluting too much in MEAL but is raising capital to match cash flow to business requirements. M&M’s Executive Director Rajesh Jejurikar stated that the company receives 48,000 new bookings for its auto range every month.