CHENNAI: Automotive major Mahindra & Mahindra Ltd (M&M) on Friday said it closed the first quarter of FY24 with a net profit of Rs 2,773.73 crore.

The company also announced the merger of its three wholly-owned subsidiaries with itself.

In a regulatory filing, the M&M said for the quarter ended June 30, 2023, it has posted a total income of Rs 25,025.95 crore (Q1FY23 Rs 19,952.88 crore) and a net profit of Rs 2,773.73 crore (Rs1,403.61 crore).

The company Board also approved the scheme of merger by absorption of its three wholly-owned subsidiaries Mahindra Heavy Engines Ltd, Mahindra Two Wheelers Ltd and Trringo.com Ltd.

According to M&M, the Mahindra Heavy Engines is currently engaged in manufacturing and sales of engines and other auto components for vehicles and genset applications.

The Mahindra Two Wheelers is currently engaged in dealing in parts required for the range of two-wheelers, passenger light motor vehicles and commercial vehicles manufactured and sold by M&M. It also undertakes procurement, warehousing management, logistics and sale of spare parts and accessories.

On the other hand, the Trringo.com was engaged in the business of organised farm equipment rentals through a franchisee-based model.