Mahindra & Mahindra (M&M) shares rose 5.61% at Rs 1,006.7 and hit a 52-week high on the BSE on Monday after the company announced a 17% year-on-year (YoY) increase in standalone profit (before exceptional items) at Rs 1,167 crore for the March quarter (Q4FY22) compared to Rs 998 crore in the corresponding quarter the year before. Profit after exceptional items increased 427% to Rs 1,292 crore from Rs 245 crore in the same period the previous year.

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The company’s stock has surpassed its prior high of Rs 978.90 set on November 17, 2021. It was trading close to its all-time high of Rs 992 set on August 30, 2018.

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M&M was up 4.62% at 12:00 p.m., while the S&P BSE Sensex was up 2.01%. In the previous month, the stock beat the market by rising 3%, compared to the benchmark index’s 3% loss. The stock has risen by 20% in the last three months, while the Sensex has fallen by 0.5%.

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M&M’s standalone net sales for the quarter were Rs 17,124 crore, up 28% year on year and 12.4% quarter on quarter. Standalone EBITDA fell 0.5% year on year to Rs 1,946 crore, with corresponding EBITDA margins falling 327 basis points year on year and 50 basis points quarter on quarter.

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M&M surpassed Ford in SUV revenue market share in Q4 and H2FY22, while the farm equipment sector (FES) increased its market share by 180 basis points in FY22.

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The demand for the auto product range continues to be robust, with over 170,000 bookings. Despite a market downturn and significant commodity prices, FES earned the second-highest full-year PBIT (Profit before interest and tax.)