In Q2FY14, while M&M's standalone net revenue was down 9 percent YoY, the consolidated net revenue grew 6 percent.
Similarly, while M&M's standalone net profit grew 10 percent YoY, group's consolidated net profit grew 18 percent.
Also Read: Pawan Goenka sees M&M's tractor sales losing steam in H2
While announcing its second quarter results at a press conference on November 14, VS Parthasarathy, Group CFO, M&M said: "Other group companies have started to come and support the overall growth of the group."
Among these, the star performers among the listed players are Indian subsidiaries Mahindra & Mahindra Financial Services ( MMFSL ) which saw a 21 percent YoY sales growth during the quarter and Mahindra Holidays and Resorts India ( MHRIL ) which saw a 7 percent rise.
Foreign subsidiary Ssangyong Motor Company (SYMC) saw a stellar 118 percent YoY sales growth.
Associate company Tech Mahindra (TML) saw a 58 percent YoY growth.
Even unlisted companies, although operating on a smaller base, have rallied in support.
M&M's agri business, Mahindra Shubhlabh Services (MSSL), a 100 percent subsidiary, grew from Rs 208.5 crore in the first half of FY14 from Rs 156.2 crore in the first half of FY13, a growth of 33 percent.
The agri business growth was backed by a 49 percent growth in fruits and vegetables and 47 percent growth in agri inputs.
Pawan Goenka, executive director, M&M said at the earning press conference "The agri business is right now very small. It's only Rs 200 crore for half of the year, but is growing very well. And looks like we have reached a scale from which we can take off very well."
Looking to take the agri business forward, Mahindra on Thursday announced its entry into the fresh fruit space. Starting from Hyderabad, MSSL will offer a wide range of fresh fruit under the brand 'Saboro'. MSSL will start by offering with apples and diversifying into grapes, bananas and other imported fruit. MSSL will roll out its branded fruit nationally across 200 centres within three years.
Apart from this, M&M says its farm-support services business, which offers agri-mechanisation solutions; seeds, crop protection and market linkages amongst other services has also seen good growth in the last quarter and could become a dependable strong revenue contributor in the coming quarters.
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