📈 Mahindra and Mahindra Share Price Surges After Strong Quarterly Results 📊
On Friday, the share price of Mahindra and Mahindra Limited saw a sharp rise, gaining up to 8% following the results of the March quarter. During trading, the stock touched a high of ₹2,557.95, marking the highest gain since August 2022. The rally on Friday has delivered a return of over 45% in 2024, making it the best performing stock on the Nifty 50 so far.
In the past 12 months, Mahindra and Mahindra shares have nearly doubled in returns, showcasing a strong performance. Analysts covering the automobile and tractor manufacturer have maintained their ‘Buy’ recommendation on the stock, with nearly 90% of 41 analysts endorsing it post the March quarter results. Experts predict the stock to reach a high of ₹2,900 in the next 12 months.
On Saturday (May 18, 2024), the share was trading at ₹2,504 with a slight decrease of 0.40%. Mahindra and Mahindra announced its March quarter results on Thursday, reporting revenue and margins above expectations. While the company’s auto segment remained strong, the tractor segment faced pressure.
The net profit of Mahindra and Mahindra increased by 4% to ₹2,754 crores in the fourth quarter of the previous financial year. This was higher than the net profit of ₹2,637 crores in the same quarter of the previous year. The company recorded a 9% growth in revenue to ₹35,452 crores in the fourth quarter of 2023-24, compared to ₹32,456 crores in the same quarter of 2022-23.
In the financial year 2023-24, the company’s profit increased by 25% to ₹11,269 crores, with revenue rising by 15% to ₹1,39,078 crores. Additionally, the board approved a dividend of ₹5 per share, amounting to a dividend of ₹21.10 per share.
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