Shares of Mahindra and Mahindra Limited saw a significant uptick, rising 4 percent to Rs 1,720 during early trade on February 15. The surge came in the wake of the company’s announcement of a remarkable 60 percent increase in net profit, totaling Rs 2,454 crore compared to the previous year. The automotive segment’s robust performance, along with a favorable product mix and leveraging operational benefits, contributed to this notable achievement.
As of 9:59 am, the shares continued to climb, trading 4.22% higher at ₹1,727.00.
During the third quarter, the Mumbai-based automaker witnessed a substantial 16 percent year-on-year growth in revenue, reaching Rs 25,642.4 crore. This growth was primarily fueled by increased volumes within the automotive segment. For perspective, the turnover during Q3FY23 stood at Rs 21,653.74 crore.
