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By Malvika Gurung
Investing.com — Shares of the automotive parts participant Mahindra CIE Automotive (NS:) zoomed 14.1% to Rs 226.9 apiece on the time of writing, after rallying as much as 17% within the session earlier.
The inventory surge adopted the corporate’s stellar earnings outcomes for the March 2022 ending quarter. The corporate follows a January-December monetary yr.
For the Jan-Mar quarter, the auto element provider’s consolidated web revenue jumped a whopping 1,500% on a YoY foundation at Rs 161.43 crore, in comparison with Rs 10.09 crore posted within the year-ago interval.
The corporate needed to pay a hefty deferred tax invoice within the year-ago March quarter, and on account of sharply decrease taxes paid within the March 2022 quarter, Mahindra CIE Automotive’s consolidated web revenue recorded an nearly sixteen-fold soar.
The provider’s income from operations rose 18.22% YoY to Rs 2,588.4 crore, with income for the Indian enterprise rising 15% YoY to Rs 1,299.4 crore and the European enterprise surging by 22% YoY to Rs 1,307.26 crore within the quarter underneath focus.
The corporate’s board of administrators have beneficial a last dividend of Rs 2.5 per share of Rs 10 every for the monetary yr ending Dec 31, 2021.
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