Mahindra & Mahindra Limited (M&M) shares surged 7.7% and hit  a 52-week high to Rs 1,758 after posting robust financials for the quarter that ended 31 December 2023. 

According to the M&M filing on the exchange, the company announced –

• A 60% increase in the standalone profit after tax (PAT) on the year to Rs 2,454 crore. A strong performance of the automotive segment, coupled with a favourable product mix and the benefits of operating leverage, has been the driving force behind the positive results. Thus exhibiting the company’s adaptability in challenging and dynamic market conditions.
• According to the report, there has been an increase in segment-wise revenue in the automotive sector by 24%, at Rs 18,577 crore in Q3FY24 against Rs 14,972.71 crore in the corresponding financial year.
• In the standalone statement for the third quarter, the Mumbai-based automaker recorded a 16% year-on-year growth in revenue, reaching Rs 25,642.4 crore from Rs 21,654 crore in Q3FY23. 
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter was Rs 3,590.3 crore against Rs 3,273 crore reported in Q3FY23 in the standalone statement.

At 3:30 pm, the shares of M&M closed 6.81% higher at Rs 1,769.85 on the National Stock Exchange (NSE).