M&M gains on bagging contract for defense equipment

Mahindra & Mahindra (M&M) rose 1.35% to Rs 812.90 after Mahindra Telephonics Integrated Systems, a subsidiary of the company, signed a contract with the Ministry of Defence (MoD) for supplying 11 airport surveillance radars.

As per the contract, the company supply 11 airport surveillance radars with monopulse secondary surveillance radar for Indian Navy and Indian Coast Guard.

The procurement, at a cost of Rs 323.47 crore, will be made under the 'Buy & Make' category. The installation of these radars will increase the air domain awareness around airfields and enhance safety and efficiency in flying operations of Indian Navy and Indian Coast Guard.

M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.

The company reported a net profit of Rs 162.54 crore in Q4 FY21 as against net loss of Rs 3255.02 crore in Q4 FY20. Net revenue from operations increased by 48.1% year-on-year (YoY) to Rs 13,338.15 crore during the quarter.

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