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Mumbai, <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> (M&amp;M) on Friday said its consolidated profit after tax grew 6 per cent to Rs 2,348 crore in September quarter 2023-24. The Mumbai-headquartered company had posted a PAT of Rs 2,209 crore in the July-September period of last fiscal, M&amp;M said in a statement. Revenue grew 15 per cent year-on-year to Rs 34,436 crore in the second quarter this fiscal, it added. The company said it witnessed robust performance across all businesses except Tech <keyword id="45224" type="General" weightage="20" keywordseo="Mahindra" source="Orion">Mahindra</keyword> which was impacted by weak demand and exits from non core accounts. "During 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," M&amp;M Managing Director &amp; CEO Anish Shah said in a regulatory filing. Tech Mahindra had a tough quarter, the company is now initiating the transformation journey in the business, he added. In the automotive sector, the company said its revenue grew 20 per cent year-on-year to Rs 18,869 crore in the September quarter. "We delivered yet another robust performance in this quarter. We have maintained our SUV revenue market share at 19.9 per cent while further improving our auto standalone PBIT margins," M&amp;M Executive Director &amp; CEO (Auto and Farm Sector) Rajesh Jejurikar said. In the tractor business, the company increased its market share by 150 basis points on the back of new launches of Oja, Swaraj Target and Naya Swaraj, he added. In volume terms, the company said it sold 2,12,078 vehicles in the quarter under review, as compared to 1,79,673 vehicles in the year-ago period, a growth of 18 per cent. Tractor sales were at 89,101 units in the quarter under review, as compared with 92,590 units in the same period a year ago, down 4 per cent. On a standalone basis, the company said its PAT grew by 67 per cent to Rs 3,452 crore in the second quarter as compared with Rs 2,068 crore in the same period last year. Shares of the company were trading 1.84 per cent down at Rs 1,524.60 apiece on the BSE.

Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

Tractors and better cars drive M&M’s Q1 net profit but the future is electric

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Hate to start your weekend off with some bad news, but here goes: <a target="_blank" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">Costco is raising the price of its membership</a>.In today's big story, Google risks facing a massive lawsuit <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">over its Search business</a>. 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The Justice Department and Google are scheduled to appear in court today to discuss the next steps for resolving the company's monopoly.Some of the <a target="_blank" href="https://www.businessinsider.com/google-search-index-monopoly-remedy-doj-antitrust-2024-8">proposed resolutions are extreme</a> — like breaking it up — but it's not Google's only problem.The ruling opens up Google to lawsuits alleging that it <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">artificially raised ad prices for years</a>, writes Business Insider's Hugh Langley. Yelp has already filed one about search referencing, and advertisers could be next.Ultimately, Google could face a lawsuit seeking more than $100 billion in damages, according to one analyst.The rationale for the suit goes as follows. A judge ruled that Google suppressed competition in the search market. That meant Google was the only game in town, enabling it to raise its ad prices knowing customers had no other option but to pay up.But a 12-figure suit isn't just terrifying for Google. Apple, Meta, and Amazon are also dealing with antitrust suits. The judge's ruling <a target="_blank" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">was bad enough for Google's Big Tech peers</a>. A hefty lawsuit could foreshadow even more trouble.<div type="image" title="Google's campus" height="1333" width="2000" msid="113133208" hostid="261" sizebytes="352696"></div>It's not all bad news for Google.While its search business might be in trouble, another part of the company is red hot.Subscriptions are <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">becoming a key way Google makes money</a>, writes Hugh. The group, described as "subscriptions, platforms, and devices," has had better revenue growth than Search the past three quarters.YouTube, which has <a target="_blank" href="https://www.businessinsider.com/youtube-has-become-must-have-service-ahead-of-netflix-2024-6">become a top streamer</a> and the <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">go-to spot for content creators</a>, is a big part of that segment. But it also includes its storage services and, potentially, AI.A premium version of Google's chatbot, Gemini, is being rolled out for $19.99 a month. But AI tools haven't necessarily been the revenue boon tech giants had been hoping for thus far, <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">so don't hold your breath</a>.Still, Google is willing to take the risk. 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'Big Short' investor Steve Eisman told BI <a target="_blank" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">he refuses to peddle negativity about a financial system he's not overly worried about</a>. "I'm not going out of my way to predict the end of the world when I don't see the end of the world," he said.</li><li>JPMorgan's surprising tool in its bid to attract wealthy customers. Bank branches might not be sexy, but they are a key part of JPMorgan Wealth Management CEO Kristin Lemkau's strategy. <a target="_blank" href="https://www.businessinsider.com/jpmorgan-kristin-lemkau-branches-wealth-management-advisors-2024-9">She told BI how they fit into her plan</a>, and who she's hiring to staff them.</li><li>Just your normal NBA-Army Ranger-Blackstone career path. 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As a result, some employees are worried the company could lose customers to Microsoft Copilot.</li><li>Can we keep TikTok, actually? Americans don't want to ban TikTok anymore. According to a Pew Research survey, <a target="_blank" href="https://www.businessinsider.com/the-ban-tiktok-movement-is-losing-momentum-among-americans-2024-9">support for a TikTok ban among US adults is declining</a>, down to a third of Americans from half of all US adults in March 2023. The clock is still ticking on the impending sale-or-ban ruling by early next year the app is facing.</li><li>Silicon Valley's split over "Founder Mode." An essay by Y Combinator cofounder Paul Graham about the best way to run a company has the tech scene forming factions. 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In a speech at the Economic Club of New York, Trump outlined <a target="_blank" href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9">a plan proposed by Elon Musk</a> to create a new government commission to cut government spending and regulation. Musk previously said he "can't wait" to work in Trump's White House should he win in November.</li><li>Frequent flyer fleecing? The feds want to make sure you're getting the most out of those airline rewards programs. The Department of Transportation is <a target="_blank" href="https://www.businessinsider.com/airlines-rewards-programs-investigation-united-delta-american-southwest-2024-9">probing the four largest US airlines</a> — Southwest, United, American, and Delta — to make sure customers are "getting the value that was promised to them," Secretary Pete Buttigieg said.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/jd-vance-lower-childcare-costs-grandma-grandpa-help-retirement-crisis-2024-9">JD Vance's plan to lower childcare costs</a>: have grandma and grandpa 'help a little bit more.'</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/telegram-ceo-breaks-silence-after-arrest-2024-9">Telegram's CEO broke his silence after his arrest</a>, saying it's not true that the platform is an 'anarchic paradise.'</li><li>Trump will mimic Harvey Weinstein's successful appeal to fight his own sexual assault verdict Friday. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-mimics-harvey-weinstein-arguments-e-jean-carroll-appeal-2024-9">It won't be as easy</a>.</li><li>There's a hiring frenzy for big ad sales roles in traditional media — <a target="_blank" href="https://www.businessinsider.com/legacy-media-ad-hiring-tear-to-fix-declining-business-2024-9">but that doesn't mean the industry is thriving</a>.</li><li>What Nvidia leadership should be doing <a target="_blank" href="https://www.businessinsider.com/nvidia-artifical-intelligence-department-of-justice-investigation-antitrust-2024-9">to prepare for a possible DOJ case</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Defense Secretary Lloyd Austin hosts Ukraine Defense Contract Group meeting in Germany.</li><li>Bureau of Labor Statistics releases August employment report.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Google could face a lawsuit seeking more than $100 billion in damages, but it's not all bad news for the tech giant

<ul><li>Indian IT giant <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has reported a massive 32% drop in net profits for the quarter ending on 31 March 2020 compared to last quarter.</li><li>Overall, its revenues have fallen by 4.3% but its digital revenue bucked the trenc to grow by 2%.</li><li>Tech Mahindra has announced a dividend ₹5 per share on face value of ₹5. </li></ul>Tech Mahindra has reported a drop of 4.3% in dollar revenue in Jan-Marhc 2020, compared to three months ago. Its digital revenue bucked the trend to grow by 2%, which accounts for nearly half of the company’s business. <div type="image" title="Techmahindra" msid="75472393" hostid="261" caption="&amp;lt;p&amp;gt;Tech Mahindra share price over the last week, from April 23 to April 30&amp;lt;/p&amp;gt;"></div> Its net profits have taken the bulk of the hit from the impact of Covid-19 reporting a massive fall of 32.1% from the previous quarter. “While the demand traction seen through the first three quarters of fiscal 2019-20 has reversed in Q4, we expect that the focus on digital transformation, remote working, and network modernization will recover in the medium term,” said CP Gurnani, Tech Mahindra CEO. The company has announced a final dividend of ₹5 per share on face value of ₹5. <div type="Article" hostid="261" msid="75472021" title="HUL fourth-quarter volume growth down 7%, profit falls 1%, India sales slide 9% ⁠— as COVID-19 strikes India’s largest consumer firm" mstype="2" mssubtype="0"></div>

Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis

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Mahindra Q2 2023-24 PAT up 6% at Rs 2,348 cr

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Tractors and better cars drive M&M’s Q1 net profit but the future is electric

Rounak Jain

Google could face a lawsuit seeking more than $100 billion in damages, but it's not all bad news for the tech giant

Dan DeFrancesco

Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis

Prabhjote Gill

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