M&M Shares Surge 4% on Strong Q4 Earnings

New Delhi, May 16 (PTI) Shares of Mahindra & Mahindra on Thursday climbed nearly 4 per cent after the company reported a 4 per cent rise in consolidated profit after tax (PAT) for the March quarter.

The stock went up by 3.05 per cent to settle at Rs 2,372.85 apiece on the BSE. During the day, it jumped 3.92 per cent to Rs 2,393 -- its 52-week high.

On the NSE, it climbed 3.97 per cent to Rs 2,393.90 per share.

The company added Rs 8,742.01 crore taking its market capitalisation (mcap) to Rs 2,95,070.74 crore.

It emerged as the biggest gainer among the BSE Sensex and NSE Nifty firms.

Mahindra & Mahindra on Thursday reported a 4 per cent increase in consolidated PAT to Rs 2,754 crore for the March quarter, driven by strong performance of its automotive and farm sector segments.

The company had posted a consolidated PAT of Rs 2,637 crore in the January-March quarter of the 2022-23 fiscal, M&M said in a regulatory filing.

Revenue increased to Rs 35,452 crore in the fourth quarter, registering a growth of 9 per cent as compared to Rs 32,456 crore in the corresponding period a year ago, it added.

For the year full year ended March 2024, the company posted a consolidated net profit of Rs 11,269 crore as against Rs 9,025 crore in FY23, an increase of 25 per cent.

Revenue rose 15 per cent to Rs 1,39,078 crore in the last fiscal as compared with Rs 1,21,362 crore in FY23.

"It has been an excellent year with most of our businesses delivering a high level of performance. Auto continued its high growth trajectory, farm gained share in a tough market and Mahindra Finance delivered on asset quality," M&M Managing Director & CEO Anish Shah said.