Surging for the second straight session, the auto major Mahindra & Mahindra shares jumped around 8 per cent on the back of strong quarterly numbers reported on Tuesday. The company’s standalone profit grew 8-fold year-on-year during the second quarter of the financial year 2021-22 (Q2FY22).

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Being the Nifty top gainer for the second day in a row, the stock has surged over 3.5 per cent to Rs 925 per share on the NSE intraday trade on Wednesday. The counter has been trading near its 52-week high of Rs 971.15 per share on the NSE, which was touched on October 31, 2021.

 

The company posted a standalone profit after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales. In comparison, it had posted a standalone PAT of Rs 162 crore in the same period of the previous fiscal.

In Q2FY22, the auto heavyweights, revenue grew by 15 per cent to Rs 13,305 crore as against Rs 11,590 crore in the year-ago period. It sold 99,334 vehicles during the period under review, up 9 per cent from 91,536 units in the second quarter of last fiscal, the company said in results filing.

The management in their results commentary said, “An all-around improvement is witnessed in our performance this quarter. Our strong show in the auto and farm sectors was complimented well by the improved performance in the group companies.”

On the semi-conductor issue, the auto company said, “We hope to maintain the volume growth momentum Q3 onwards with better availability of semiconductors as well as the demand for our other key automotive products also remains strong.”

The auto company stock has gained around 50 per cent in the last one year as compared to a 43 per cent surge during the same period in the Nifty50 index. At around 02:35, the counter is trading over 3 per cent to Rs 921 per share as compared to the flat but positive Nifty50 index.