Mahindra & Mahindra rose over 6% in the morning session on the back of its December quarter (Q3) results. The stock is trading 54.55 points or 6.30% higher at 920.05.It touched intraday high of 952.05 and low of 891.00.
Mahindra & Mahindra’s revenue grew 11 per cent on a year-on-year (YoY) basis to Rs 21,625.95 crore from Rs 19,430 crore, reported in the corresponding quarter last year. The Company posted a consolidated net profit of ₹530.86 crore for the third quarter ended December 2020, a 228.19 per cent increase compared to the ₹161.75 crore posted in the preceding quarter. On a year-on-year basis, the consolidated net profit for the December 2020 quarter per cent increased 39.6 per cent against ₹380.19 crore in Q3 FY20.
In the domestic market, the company sold 1.15 lakh vehicles in the quarter, down 7 per cent from 1.23 lakh sold in Q3FY20. Meanwhile, Tractor volumes grew by 19.6% on the back of a robust rural story.
The new-fangled Mahindra Thar is witnessing high demand from the day of the launch and it has received over 39,000 bookings since the model first went on sale on October 2, 2020.
The company has announced discounts on its BS6 compliant SUVs for the month of February. The carmaker is providing a range of benefits on its cars starting from ₹ 24,050 for the Bolero, going up to ₹ 3.06 lakh for the Alturas G4.
These benefits include cash offer, exchange bonus, corporate discount, and additional offers, which are valid up till February 28, 2021.