‘India seeing good progress in EV space’

new delhi: Mahindra & Mahindra on Wednesday said that India is seeing “good progress” in the domestic electric vehicle space with the entry of new international players while maintaining that its offerings stack up quite well against the competitors, who are coming in.

At a post-earnings analyst meeting here, the company also said that while urban sentiment in terms of demand currently is weak, the fundamentals remain strong. Earlier, the company posted a 24 per cent year-on-year increase in its consolidated net profit to Rs 4,083 crore for the June quarter, driven by broad-based growth across business verticals. The company reported a net profit of Rs 3,283 crore for the April-June quarter of the last fiscal.

Total income from operations rose to Rs 45,529 crore in the June quarter against Rs 37,218 crore in the year-ago period, the Mumbai-based company said in a regulatory filing. The company stated that auto and farm businesses continue to deliver on growth and margins with profits up by 20 per cent.

“Of course, we have new players in the market share from a volume stand point. We believe that, our goals should be around the revenue market share because our products will be at much higher revenue price points … believe that more players will come in and that is fundamentally the right direction for the country. We are seeing very good progress with new players coming in,” Mahindra & Mahindra (M&M) Group CEO & MD Anish Shah said in an apparent reference to global EV giant Tesla, which entered the domestic market earlier this month.

Tesla made its much-awaited debut with the launch of its Model Y.