Mahindra Shares Jump As Profit Soars 31% To ₹2,038 Cr Beating Estimates

Shares of Mahindra and Mahindra that were volatile on Thursday surged sharply after the auto major posted its results for the quarter ended March.

What Happened: The auto giant’s standalone net profit for the quarter jumped up 31.5% to ₹2,038.21 crore, compared to the ₹1,548.97 crore posted in the same quarter last year. The number was higher than analyst estimates of around ₹1,950 crore.

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The Thar maker’s revenue from operations was at ₹25,108 crore, up around 11% from the ₹22,571.37 posted in the corresponding quarter last year. The number also beat street expectations of around ₹24,200 crore. The company also announced a final dividend of ₹21.10 per share.

Revenue from the automotive segment was at ₹19,910.34, up around 20% from the previous year’s ₹16,587 crore. Sales volumes for the quarter went up 14% year-on-year to 2.15 lakh units. The company extended its market shares in terms revenue in the sports utility vehicle (SUV) market.

At the end of March 2024, its market share was at 20.4%. Revenue from the farm equipment segment was at ₹5,226.95, down around 13% from the year-ago period.

Price Action: M&M’s share price was up 1.09% to trade at ₹2,327.55 in the late hours of trading on Thursday.

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