Mahindra & Mahindra gains after September Quarter Profit rises to Rs 1432 crore
Published On: Tuesday, November 9, 2021 | By: Team KnowMyStock
Shares of Mahindra & Mahindra (M&M) gained 5 percent to Rs 905 after the company's Net profit rose 785.15% to Rs 1431.73 crore in the quarter ended September 2021 as against Rs 161.75 crore during the previous quarter ended September 2020 due to a low base but the operating performance was hit by higher input prices. The company's revenue grew 15 percent year-on-year (YoY) to Rs 13,305 crore during the quarter under review, while earnings before interest, tax, depreciation, and amortization (EBITDA) declined 19 percent to Rs 1,660 crore. The company said it sold 99,334 vehicles during the period under review, up 9 percent from 91,536 units in the second quarter of last fiscal. On a consolidated basis, the Mahindra Group reported a PAT of Rs 1,929 crore as compared with Rs 615 crore in the Q2 of 2020-21.M&M said its auto business continues to maintain a strong booking pipeline for its key products.
M&M said its Farm Equipment Sector (FES) tractors market share grew 1.9 percent YoY to 40.1 percent during the quarter, while its electric vehicle three-wheelers volume grew 318 percent. Dr. Anish Shah, managing director & CEO, M&M said, "We have seen significant all-around improvement in our performance this quarter. Our strong show in the Auto and Farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value."
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