Shares of Mahindra and Mahindra were volatile in the late hours of trading on Friday after the company posted its earnings for the March quarter.
What Happened: The company’s standalone revenue from operations stood at ₹22,571.37 crore, up 31% from the ₹17,237.76 crore revenue it booked in the same quarter last year. Net profits for the January-March period came in at ₹1,548.97 crore up 22% from the ₹1,268.55 crore profits it reported in the year-ago period. Both the topline and the bottomline slightly missed consensus estimates.
The automobile major sold a total of 1,89,227 vehicles in the review quarter an increase of 21% from the 1,55,906 vehicles it sold in the same quarter last year. The company’s EBITDA went up 44% year-over-year to ₹2,797.4 crore. EBITDA margin stood at 12.4%. Earnings per share for the quarter stood at ₹12.93.
Reacting to the results ICICI Direct told Benzinga India that the company posted a steady performance in the March quarter and was largely in line with the brokerage firm’s estimates. The firm added that “the company is witnessing robust response & healthy demand traction across its newly launched product portfolio in the SUV space & is all set to embrace upcoming EV trends through its BEV product portfolio based on INGLOW platform.”
The Mahindra Group‘s flagship company also announced a ₹16.25/share dividend for the year ended March. The record date for the dividend payment is July 14 and the dividend will be paid after August 4. The dividend payment is still subject to the company’s shareholder’s approval.
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Price Action: M&M’s share price was up 0.07% to trade at ₹1,278.65 in the late hours of trading on Friday.
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