Shares of Mahindra CIE surged 9% to Rs 423.90 and hit a 52-week intraday trade on Friday after the company posted a 96% year-on-year rise in consolidated profit after tax (PAT) to Rs 166.2 crore in the December quarter (Q4CY22).

Ebitda also rose 62% YoY to Rs 290 crore, while Ebitda’s margin was 13% (270bp YoY/60bp QoQ). Net sales, on the other hand, rose 34.6% year-on-year to Rs 2,247 crore.

The company said the overall positive performance was supported by growth and solid profitability in India. In addition, a vast business effort in Europe helped offset huge cost increases (inflation, energy, transport).

They said that business operations in India continued to be robust, supported by strong PV/MHCV demand. However, demand for two-wheelers remains tepid, while tractors are growing from a high base.

The company’s Ebitda margins were negatively impacted by rising raw material prices, no margins, and massive energy and inflation impacts: partially passed but with some delay.