Mahindra & Mahindra shares jump over 5% after earnings announcement

New Delhi: Shares of Mahindra & Mahindra on Monday climbed over 5 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23.

The stock climbed 5.31 per cent to Rs 1,350 on both the BSE and NSE.

Driven by robust performance across business verticals, Mahindra & Mahindra on Friday reported an 18 per cent jump in its consolidated profit at Rs 2,637 crore for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23.

The auto maker also announced that it has revised upward the capital expenditure (capex) outlay for the three years cycle of FY22-FY24 to Rs 15,900 crore from Rs 15,075 crore.

The Mumbai-based company had reported a profit after tax (PAT) of Rs 2,237 crore in the January-March quarter of 2021-22 fiscal.

Revenue increased to Rs 32,366 crore for the fourth quarter of FY23, as compared to Rs 25,934 crore in the year-ago period.

For the year ended March 31, 2023, the company posted a consolidated PAT of Rs 10,282 crore, up 56 per cent, from Rs 6,577 crore in FY22.

The company said the FY23 PAT is its highest-ever profit reported in a fiscal year.

Revenue rose to Rs 1,21,269 crore last fiscal, as against Rs 90,171 crore in 2021-22 fiscal, an increase of 34 per cent.