Mahindra shares climb 7% after robust Q3 earnings

Shares of Mahindra & Mahindra (M&M) climbed 7 per cent on Thursday a day after the auto major reported a 34 per cent increase in its profit for the third quarter ended December. The scrip of the company rallied 6.98 per cent to Rs 1,772.75 apiece on the NSE.

Mahindra & Mahindra stock zoomed 6.84 per cent to Rs 1,771 per piece on the BSE. The stock also hit a 52-week high of Rs 1,777.75 and Rs 1,777 apiece on the NSE and BSE, respectively.

In the mid-session trade on Thursday, the 30-share BSE Sensex rose 25.18 points or 0.04 per cent to 71,848.01 points, while NSE Nifty gained 0.13 per cent to 21,868.30 points.

In a regulatory filing on Wednesday, Mahindra & Mahindra (M&M) reported a 34 per cent increase in its consolidated profit after tax (PAT) at Rs 2,658 crore for the third quarter ended December 31, 2023, driven by robust sales across verticals.

The auto major had reported a PAT of Rs 1,984 crore for the October-December quarter of the last financial year, the company said.

Revenue increased 15 per cent to Rs 35,299 crore for the period under review, as compared to Rs 30,621 crore in the year-ago period, it added.