Mahindra & Mahindra stock jumps nearly 4%; mcap climbs Rs 5,919 cr after earnings announcement

New Delhi: Shares of Mahindra & Mahindra on Monday climbed nearly 4 per cent after the company reported 18 per cent jump in consolidated profit for the March quarter and highest-ever annual profit of Rs 10,282 crore in FY23.

The stock ended at Rs 1,329.45, a gain of 3.71 per cent on the BSE. During the day, it climbed 5.31 per cent to Rs 1,350.

At the NSE, it rallied 3.37 per cent to settle at Rs 1,325.05.

The company's market valuation jumped by Rs 5,919.2 crore to Rs 1,65,320.94 crore.

In traded volume terms, 2.35 lakh shares of the company were traded at the BSE and over 61.85 lakh shares at the NSE during the day.

It emerged as the biggest gainer among both the Sensex and Nifty firms.

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

The automaker also revised upwards 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 January-March 2021-22.

Revenue increased to Rs 32,366 crore in 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 as against 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, an increase of 34 per cent.