Mahindra & Mahindra Ltd (M&M) shares jumped over 7% in early trade on Friday after the company reported strong fourth-quarter results. Analysts are optimistic and have increased their target prices for the stock.
M&M shares reached a record high of ₹2,554.75 apiece on the BSE, marking a 7.66% rise.
This rally followed the company’s announcement of a 31.6% year-on-year net profit increase, totaling ₹2,038.21 crore for the fourth quarter of FY24. In comparison, the net profit for the same period last year was ₹1,548.97 crore.
The company’s revenue from operations grew by 11.24% to ₹25,108.97 crore, up from ₹22,571.37 crore in the previous year. M&M’s automobile segment saw a 14% increase in volumes, reaching 2,15,280 units, while tractor sales declined by 20%, totaling 71,039 units.
As of 11:58 AM the shares were trading 6.33% higher at ₹2,521.80 on NSE.
