M&M Shares Surge 8% After Strong Earnings

New Delhi, May 17 (PTI) Shares of Mahindra & Mahindra continued to rally on Friday, climbing nearly 8 per cent, after the company reported a 4 per cent rise in consolidated profit after tax (PAT) for the March quarter.

The stock jumped 7.66 per cent to Rs 2,554.75 -- its 52-week high -- on the BSE.

At the NSE, it climbed 7.68 per cent to the 52-week peak of Rs 2,554.10 apiece.

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

The company's market valuation climbed to Rs 3,13,356.83 crore.

On Thursday, shares of Mahindra & Mahindra climbed nearly 4 per cent.

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 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.

Mahindra Group plans to invest Rs 37,000 crore over the next three years across business verticals with a major portion earmarked for the auto sector to introduce 23 new vehicles, its MD and CEO Anish Shah said on Thursday.