The shares of Mahindra CIE Automotive gained as much as 11 percent till the afternoon on Friday to reach an All-Time high of Rs 433.65. The scrip remained in focus after posting its results.
The company follows the calendar year (January to December) as its financial year. In the October to December quarter, their revenue stood at Rs 2,246.84 Crore as against Rs 1,669.24 Crore in the same period the year earlier. For the period January to December, their revenue stood at Rs 8753 Crores.
The company reported a loss of Rs 657.81 Crore in the December quarter compared to a profit of Rs 80.22 Crore in the same quarter a year ago. For FY23, they reported a loss of Rs 136.16 Crore.
In addition to that, the Board of Directors of the company has recommended a dividend of 25% of its face value of Rs 10 amounting to Rs 2.50 per share. The record date will be announced in the due course.
Mahindra CIE Automotive is a subsidiary of the CIE Automotive group of Spain. The Mahindra group, a promoter entity, holds a 9.25 percent stake. It is engaged in the business of production and sale of automotive components to original equipment manufacturers and other customers in India and overseas.
Despite reporting losses, the scrip gained on Friday. In fact, it has been on an upward trend for some time now as it has gained 25 percent in a month and approximately 60 percent in the past six months.
On a yearly basis, the stock has logged a multibagger return of 130 percent as the share price has increased from Rs 188 a piece in February 2022 up to the current levels.
Written by Anoushka Roy
