Stellar Q1 performance: Net profit rockets 97 per cent to Rs 2,774 Crore; revenue zooms 23 per cent YoY!
The stock has witnessed significant buying activity surging more than 152 per cent in the last 3 years.
On Monday, following a restful weekend the bulls of Dalal Street were all set for a run. In the ongoing trades, both Sensex and Nifty have shown an increase of 0.28 per cent each.
Resonating with the radiant beginning of morning trade, the shares of Mahindra & Mahindra Limited soared 3.59 per cent. Additionally, the scrip witnessed a spurt in volume by more than 2.13 times. The company's current market capitalisation is Rs 1,88,581.15 crore.
On August 04, 2023, the company reported Q1FY24 results (standalone), details as follows:
In Q1FY24, the company's revenue from operations experienced a robust 23 per cent increase, reaching Rs 24,368 crore compared to Rs 19,813 crore in the previous year.
The operating profit showcased a robust upswing of 46.5 per cent, surging to Rs 3,547 crore from Rs 2,421 crore.
In the quarter ending June 2023, Mahindra & Mahindra Limited net profit stood at Rs 2,773.73 crore, marking a significant surge of 97.6 per cent compared to Rs 1,403.61 crore recorded in the corresponding quarter of the previous year.
“In SUVs, we continue to be leaders in revenue market share for the 6th consecutive quarter with SUV Volume crossing the 1L milestone. In the tractor business, we have achieved 42.9 per cent market share, highest since Q2 F20. Our E-3W business continued market leadership with 65.5 per cent market share," said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd.
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Mahindra & Mahindra Ltd is India's diversified automotive leader, spanning 2-wheelers to aerospace. With subsidiaries and group firms, it encompasses finance, hospitality, IT, agri, energy, and more. Established in 1945 by Ghulam Mohammad and Mahindra Brothers, it became Mahindra & Mahindra in 1948.
The stock has witnessed significant buying activity surging more than 152 per cent in the last 3 years.
Keep a close eye on this trending stock.
Disclaimer: The article is for informational purposes only and not investment advice.