M&M share price rallies over 3% as Q1 results beat estimates; Should you buy? Here’s what brokerages say
₹1,513.45 apiece on the BSE. M&M’s Q1 net profit nearly doubled to ₹2,773.73 crore in the quarter ended June 2023 as compared to ₹1,403.61 crore in the same quarter last year.
The company's standalone revenue from operations during Q1FY24 jumped 23% to ₹24,368 crore from ₹19,813 crore, YoY. EBITDA during the quarter under review rose 46.5% to ₹3,547 crore from ₹2,421 core, while EBITDA margin improved to 14.6% from 12.2%, YoY.
Read here: M&M Q1 Results: Net profit jumps 97% to ₹2,774 crore; revenue grows 23% YoY M&M’s automotive business recorded an increase in EBIT margin to 7.5% from 5.3%, YoY. M&M’s MD & CEO Anish Shah clarified that the company’s acquisition of 3.53% stake in private lender RBL Bank for ₹417 crore was based on a long-term view (7-10 years) and its capital allocation discipline has not changed.
While it has mentioned that it may consider increasing stake to 9.9%, it does not expect to invest more unless it sees compelling strategic value at some point in the future. Read here: M&M Q1 result: M&M will not invest in any other bank, CEO Anish Shah Catch Live Market Updates here (To be updated)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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