Mahindra & Mahindra shares cross the ₹3,000 mark for first time, stock hits record high

Shares of the company have been on a decent rally, having gained nearly 19% in the past month itself. On a year-to-date basis, M&M shares have risen 74.5% and have gained nearly 112% in the last one year.

The company recently launched its newest model Mahindra XUV 3XO that brought in 50,000 bookings within the first hour of the opening.

M&M had also reported sales of passenger vehicles in May grew by 31% on a year-on-year basis (YoY) to 43,218. The company’s total sales in May, including the sale of commercial vehicles, grew by 17.36% YoY to 69,011.

In the fourth quarter of the financial year, the company saw sales volumes rise by 14% YoY to 2.15 lakh. Additionally, the company reported open bookings of SUVs at 2.20 lakh.

M&M saw its net profit rise by 4% YoY to ₹2,754 crore. The company reported a 9% YoY rise in its consolidated revenue at ₹35,452 crore.

For the financial year ending on March 31, 2024, the company saw its net profit jump 25% YoY to ₹11,269 crore while the consolidated revenue for the year grew by 15% YoY to ₹1.39 lakh crore.

On a standalone basis, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 22% YoY to ₹3,446 crore while the standalone EBITDA for FY24 grew by 25% YoY to ₹15,122 crore.

Anish Shah, Managing Director and CEO, M&M said auto continued its high growth trajectory, farm gained share in a tough market and Mahindra Finance delivered on asset quality. “TechM was a weak spot, the turnaround has commenced with the new organisation in place. Growth gems are performing well, with Susten and LMM leading the way. We also made significant progress on sustainability, diversity and our efforts on women empowerment,” he said.