Mahindra CIE gains 13% on strong Q`1 profit
Published On: Tuesday, April 26, 2022 | By: Team KnowMyStock
Shares of Mahindra CIE Automotive surged 13 percent to Rs 225 on the BSE in Tuesday’s intra-day trade, after the company posted a consolidated net profit of Rs 161.42 crore for the first quarter ended March. The company had reported a consolidated net profit of Rs 10.09 crore in the year-ago period. The company, which follows January-December financial year, said revenue from operations rose to Rs 2,588.36 crore, up from Rs 2,189.4 crore in the January-March period of the previous year. The board of the Pune-based firm has also recommended a final dividend of Rs 2.5 per share of Rs 10 each for the financial year ended December 31, 2021. The stock rallied 20 percent in the past two trading days. The management also remains positive on two-wheeler and tractor segments after a weak show in the last quarter. Mahindra CIE's Indian operations plan to make use of these opportunities and grow faster than underlying market segments.
"The order book situation is such that many verticals are going in for capacity expansion. All the business verticals in India are pushing to increase exports. This requires a continued focus on operational excellence that can make sure that the company’s operations in India are world class and meet the global standards in manufacturing excellence that CIE pursues," the management added.
Tags: Mahindra CIE strong profit
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
